- 1. What is a common example of a behavioral economics concept used in policy-making?
A) Austerity measures
B) Nudging
C) Centralized planning
D) Free market principles
- 2. What is the concept that suggests people are more likely to stick with the default option?
A) Rational choice theory
B) Status quo bias
C) Inflation targeting
D) Tax evasion
- 3. What is the concept that refers to people's tendency to follow the actions of others in decision-making?
A) Altruism
B) Social proof
C) Isolation effect
D) Herd behavior
- 4. Which cognitive bias suggests that people tend to favor information that confirms their pre-existing beliefs or hypotheses?
A) Confirmation bias
B) Framing effect
C) Anchoring bias
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) Game theory
B) Ego depletion theory
C) Hedonic calculus
D) Utility theory
- 7. What is the term for the tendency to rely on the first piece of information encountered when making decisions?
A) Anchoring bias
B) Availability heuristic
C) Recency effect
D) Loss aversion
- 8. What term refers to a situation where small changes can lead to significantly different outcomes over time?
A) Linear progression
B) Divergent evolution
C) Butterfly effect
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) Cognitive dissonance
C) Self-serving bias
D) Zeigarnik effect
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