- 1. What is a common example of a behavioral economics concept used in policy-making?
A) Centralized planning
B) Free market principles
C) Nudging
D) Austerity measures
- 2. What is the concept that suggests people are more likely to stick with the default option?
A) Inflation targeting
B) Status quo bias
C) Rational choice theory
D) Tax evasion
- 3. What is the concept that refers to people's tendency to follow the actions of others in decision-making?
A) Herd behavior
B) Altruism
C) Social proof
D) Isolation effect
- 4. Which cognitive bias suggests that people tend to favor information that confirms their pre-existing beliefs or hypotheses?
A) Confirmation bias
B) Anchoring bias
C) Framing effect
D) Sunk cost fallacy
- 5. Which field of study combines elements of economics and psychology to understand decision-making in real-world situations?
A) Behavioral economics
B) Philosophy
C) Political science
D) Anthropology
- 6. Which theory suggests that individuals have limited willpower and self-control when making decisions?
A) Hedonic calculus
B) Utility theory
C) Game theory
D) Ego depletion theory
- 7. What is the term for the tendency to rely on the first piece of information encountered when making decisions?
A) Recency effect
B) Anchoring bias
C) Loss aversion
D) Availability heuristic
- 8. What term refers to a situation where small changes can lead to significantly different outcomes over time?
A) Linear progression
B) Butterfly effect
C) Divergent evolution
D) Instantaneous impact
- 9. Which psychological concept suggests that people are more likely to undertake a task if they perceive it to be incomplete or interrupted?
A) Loss aversion
B) Self-serving bias
C) Cognitive dissonance
D) Zeigarnik effect
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