What is the primary focus of behavioral economics?

Understanding Behavioral Economics

Interactive Video
•
Financial Education
•
9th Grade
•
Hard
Joycelyn Austin-Mabe [Sedway MS]
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Analyzing international trade policies
Calculating GDP growth
Understanding psychological influences on decision-making
Predicting stock market trends
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does bounded rationality refer to in economics?
The belief that prices always reflect true value
The assumption that all consumers are perfectly rational
The concept that people make decisions with limited information and time
The idea that people have unlimited time and information
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How can perceptions of price affect consumer behavior?
Perceptions of price can change the perceived quality of a product
Lower prices always lead to higher demand
Higher prices always lead to lower demand
Price perceptions have no impact on consumer behavior
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the ultimatum game, why might a player reject an unfair offer?
Because they prefer to have nothing
Due to a sense of fairness and justice
To maximize their own gain
Because they don't understand the game
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the framing effect?
The process of making decisions based on past experiences
The belief that framing has no effect on choices
The idea that all decisions are made rationally
The impact of how information is presented on decision-making
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does nudge theory aim to do?
Eliminate all unhealthy options
Limit the options available to consumers
Force people to make certain choices
Encourage specific behaviors without restricting choices
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How does loss aversion influence decision-making?
People are indifferent to losses and gains
Losses are perceived as less significant than gains
Losses are more painful than equivalent gains are pleasurable
Gains are always prioritized over losses
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