Unlike traditional economics, behavioral economics believes that…
Behavioral Economics

Quiz
•
Social Studies
•
12th Grade
•
Hard
John Robinson
FREE Resource
25 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
1 min • 5 pts
People do not always behave in a rational way when making economic decisions
People will always update their viewpoints based on new information
There is no way to predict how people will make economic decisions
People behave in a rational way when making economic decisions
2.
MULTIPLE CHOICE QUESTION
1 min • 5 pts
The pain of losing a $20 bill is felt more than the joy of finding it.
This is a result of...
Loss aversion
Overconfidence
Sunk cost
Endowment effect
3.
MULTIPLE CHOICE QUESTION
1 min • 5 pts
Putting more value on an object you own for more than its actually worth is an example of...
Overconfidence
Endowment effect
Confirmation bias
The Fear of Missing Out (FOMO)
4.
MULTIPLE CHOICE QUESTION
1 min • 5 pts
A website tells you, "Only one left!" while shopping online. Which loss aversion strategy is this website using?
Coupons
Buy now, get free shipping
Free trials and samples
Scarcity and urgency
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
How do "limited-time offers" influence consumer behavior?
By making consumers feel they have ample time to decide
By creating a sense of urgency to make a purchase
By reducing the perceived value of the product
By providing detailed comparisons with competitors' products
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is the definition of endowment effect?
The tendency to put more value on things you already own
The tendency to feel anxiety/fear that an exciting event may be happening elsewhere
A subconscious error in thinking that leads to irrational decision making
The tendency to search for information that supports our preconceptions
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is the definition of loss aversion?
The tendency to put more value on things you already own
The tendency to search for information that supports our preconceptions
The tendency to feel anxiety/fear that an exciting event may be happening elsewhere
The tendency to regard losses as considerably more important than gains of comparable magnitude
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