Social Science

Cognitive Biases and Decision Making

1,902 Questions

Explore a curated set of questions on cognitive biases, decision making, and behavioral economics. These concepts evaluate how social norms, emotions, and heuristics influence human judgment and group behavior. Master these topics to build a strong foundation for psychology and social science exams.

Behavioral economicsSocial group influencesEmotional decision makingConfirmation bias

Cognitive Biases and Decision Making Questions

Multiple choice

Which cognitive bias refers to the tendency to rely too heavily on a single piece of information when making a decision?

  1. Anchoring bias

  2. Framing effects

  3. Availability bias

  4. Hindsight bias
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Anchoring bias occurs when individuals rely excessively on an initial piece of information as a reference point, which can influence subsequent judgments and decisions.

Multiple choice

What is the term for the tendency to evaluate options based on how they are presented or framed?

  1. Framing effects

  2. Prospect theory

  3. Mental accounting

  4. Heuristics
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Framing effects refer to the influence of the way information is presented on individuals' choices and preferences.

Multiple choice

Which cognitive bias describes the tendency to overestimate the likelihood of events that are vivid and emotionally charged?

  1. Availability bias

  2. Confirmation bias

  3. Framing effects

  4. Hindsight bias
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Availability bias refers to the tendency to judge the likelihood of an event based on how easily examples of that event come to mind.

Multiple choice

What is the term for the tendency to believe that one could have predicted an outcome after it has already occurred?

  1. Hindsight bias

  2. Confirmation bias

  3. Framing effects

  4. Anchoring bias
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Hindsight bias describes the tendency to believe that one could have accurately predicted an outcome after it has already happened.

Multiple choice

Which concept in cognitive economics refers to the tendency to allocate money into separate mental accounts for different purposes?

  1. Mental accounting

  2. Prospect theory

  3. Heuristics and biases

  4. Framing effects
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Mental accounting refers to the tendency to allocate money into separate mental accounts for different purposes, which can influence spending and saving behaviors.

Multiple choice

What is the term for the tendency to place more value on items that are difficult to obtain or require effort to acquire?

  1. Endowment effect

  2. Prospect theory

  3. Loss aversion

  4. Framing effects
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Endowment effect describes the tendency to place a higher value on items that one already owns compared to items that one does not own.

Multiple choice

Which cognitive bias refers to the tendency to continue investing in a losing venture in the hope of recovering losses?

  1. Sunk cost fallacy

  2. Confirmation bias

  3. Framing effects

  4. Anchoring bias
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Sunk cost fallacy describes the tendency to continue investing in a losing venture or project despite evidence that it is unlikely to succeed, due to the emotional attachment to the sunk costs.

Multiple choice

What is the term for the tendency to make decisions based on emotions and gut feelings rather than rational analysis?

  1. Intuitive decision-making

  2. Prospect theory

  3. Loss aversion

  4. Framing effects
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Intuitive decision-making refers to the process of making decisions based on gut feelings, emotions, and past experiences rather than through conscious rational analysis.

Multiple choice

What is the term for the tendency to rely on mental shortcuts to make decisions?

  1. Cognitive Biases

  2. Heuristics

  3. Prospect Theory

  4. Framing Effects
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Heuristics are mental shortcuts that help individuals make decisions quickly and efficiently.

Multiple choice

Which of the following is an example of a cognitive bias?

  1. Confirmation Bias

  2. Hindsight Bias

  3. Framing Effects

  4. All of the above
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Confirmation Bias, Hindsight Bias, and Framing Effects are all examples of cognitive biases that influence decision-making.

Multiple choice

What is the term for the tendency to overweight losses relative to gains?

  1. Loss Aversion

  2. Risk Aversion

  3. Framing Effects

  4. Prospect Theory
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Loss Aversion is the tendency for individuals to feel the pain of a loss more strongly than the pleasure of an equivalent gain.

Multiple choice

Which of the following is a key concept in Prospect Theory?

  1. Reference Point

  2. Diminishing Sensitivity

  3. Loss Aversion

  4. All of the above
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Reference Point, Diminishing Sensitivity, and Loss Aversion are all key concepts in Prospect Theory.

Multiple choice

What is the term for the tendency to make decisions based on how information is presented?

  1. Framing Effects

  2. Anchoring Bias

  3. Availability Heuristic

  4. All of the above
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Framing Effects are the influence of the way information is presented on decision-making.

Multiple choice

What is the term for the tendency to rely on information that is easily accessible?

  1. Availability Heuristic

  2. Representativeness Heuristic

  3. Anchoring Bias

  4. All of the above
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

The Availability Heuristic is the tendency to rely on information that is easily accessible in memory.

Multiple choice

Which of the following is an example of an availability heuristic?

  1. Estimating the probability of an event based on how easily examples of that event come to mind

  2. Judging the frequency of a word based on how easily it is to recall

  3. Using a recent event as a basis for making a decision

  4. All of the above
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Estimating the probability of an event based on how easily examples of that event come to mind, judging the frequency of a word based on how easily it is to recall, and using a recent event as a basis for making a decision are all examples of the availability heuristic.