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 of the following is NOT a common decision-making bias?

  1. Confirmation bias

  2. Framing bias

  3. Availability bias

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

Hindsight bias is not a common decision-making bias because it is not a systematic error in judgment. Hindsight bias is the tendency to believe that an event was more predictable than it actually was.

Multiple choice

What is the term for the mental shortcut that people use to make quick decisions?

  1. Heuristic

  2. Algorithm

  3. Mental model

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

A heuristic is a mental shortcut that people use to make quick decisions. Heuristics can be helpful in making decisions quickly, but they can also lead to errors.

Multiple choice

Which of the following is NOT a common decision-making bias?

  1. Confirmation bias

  2. Framing bias

  3. Availability bias

  4. Representative bias
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Representative bias is not a common decision-making bias because it is not a systematic error in judgment. Representative bias is the tendency to judge the likelihood of an event based on its similarity to other events.

Multiple choice

According to the theory of selective perception, individuals tend to:

  1. Seek out information that confirms their existing beliefs

  2. Avoid information that challenges their existing beliefs

  3. Objectively evaluate all information without bias

  4. None of the above
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Selective perception is the tendency for individuals to seek out information that confirms their existing beliefs and attitudes, while avoiding information that challenges them.

Multiple choice

Which of the following is NOT a psychological factor that influences investment decisions?

  1. Risk aversion

  2. Overconfidence

  3. Herd behavior

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

Anchoring bias is a cognitive bias that can influence investment decisions, but it is not a psychological factor.

Multiple choice

Which of the following is NOT a psychological factor that influences saving and investment decisions?

  1. Cognitive biases

  2. Emotions

  3. Social norms

  4. Economic conditions
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Economic conditions are an external factor that can influence saving and investment decisions, but they are not a psychological factor.

Multiple choice

Which of the following is NOT a psychological factor that influences saving and investment decisions?

  1. Loss aversion

  2. Prospect theory

  3. Hyperbolic discounting

  4. Inflation expectations
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Inflation expectations are an economic factor that can influence saving and investment decisions, but they are not a psychological factor.

Multiple choice

Which of the following is NOT a psychological factor that influences investment decisions?

  1. Risk aversion

  2. Overconfidence

  3. Herd behavior

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

Anchoring bias is a cognitive bias that can influence investment decisions, but it is not a psychological factor.

Multiple choice

What is the term for the process by which consumers seek out information that supports their existing attitudes?

  1. Confirmation bias

  2. Selective perception

  3. Attitude bolstering

  4. Cognitive dissonance
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Attitude bolstering is the process by which consumers seek out information that supports their existing attitudes. This is a common phenomenon, as consumers are more likely to pay attention to information that confirms their existing beliefs.

Multiple choice

What is the term for the process by which consumers reduce the amount of cognitive dissonance they experience?

  1. Rationalization

  2. Compensation

  3. Selective perception

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

Rationalization is the process by which consumers reduce the amount of cognitive dissonance they experience. This can be done by changing their attitudes, changing their behavior, or finding ways to justify their behavior.

Multiple choice

Which of the following is NOT a type of cognitive dissonance?

  1. Post-purchase dissonance

  2. Pre-purchase dissonance

  3. Confirmation bias

  4. Selective perception
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Confirmation bias is not a type of cognitive dissonance. This is because confirmation bias is a type of selective perception, not a type of cognitive dissonance.

Multiple choice

What is the term for the process by which consumers seek out information that disconfirms their existing attitudes?

  1. Disconfirmation bias

  2. Selective perception

  3. Attitude bolstering

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

Disconfirmation bias is the process by which consumers seek out information that disconfirms their existing attitudes. This is a less common phenomenon than attitude bolstering, but it can occur when consumers are presented with new information that challenges their existing beliefs.

Multiple choice

What is the term for the process by which consumers form beliefs about a product or service based on their attitudes towards the product or service?

  1. Attitude-based beliefs

  2. Belief-based attitudes

  3. Cognitive dissonance

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

Attitude-based beliefs are beliefs that consumers form about a product or service based on their attitudes towards the product or service. This is a common phenomenon, as consumers are more likely to believe information that is consistent with their existing attitudes.

Multiple choice

What is the ability to understand that others have different beliefs and desires than oneself called?

  1. Belief-desire reasoning

  2. False-belief understanding

  3. Theory of Mind

  4. Social cognition
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

False-belief understanding is the ability to understand that others have different beliefs and desires than oneself.

Multiple choice

What is the term for the defense mechanism in which an individual unconsciously attributes their own thoughts, feelings, or desires to another person?

  1. Projection

  2. Displacement

  3. Sublimation

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

Projection is a defense mechanism in which an individual unconsciously attributes their own thoughts, feelings, or desires to another person.