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Behavioral Economics Unit Test
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Your friend gives you an item. A day later, they offer to trade you another item of similar value. According to the endowment effect, most people would keep the item…
 
They received first
 
They were offered second
People who experience FOMO may...
 
Go into debt to keep up with everyone else
 
Create and stick to a monthly budget
Due to hedonic adaptation, what do you expect would happen to Anu's level of happiness after buying a new jacket?
 
It would initially increase, then return to a baseline level
 
It would initially decrease, then return to a baseline level
Which of the following is an example of how someone’s PHYSICAL values can influence their financial decisions?
 
Jessie gets a massage every month as a form of self-care
 
Sophie likes to shop for clothes at the thrift store
Overconfidence bias may lead the majority of Americans to think that they are…
 
Above average drivers
 
Extremely poor drivers
You are doing research on a new electric car that you are interested in buying. You only visit the car company’s website and an online message board of electric car enthusiasts to do your research. This strategy may lead to …
 
Confirmation bias
 
Herd mentality
You spend an entire Saturday going to car dealerships in search of a used car. You spend hours looking at cars and even test drive a few, but there are none you like that fit your budget. What is the sunk cost you should ignore when decidin
 
The time you spent looking for cars that day
 
The cost of the warranty
Investments of time, effort, and money that cannot be recovered are...
 
Sunk costs
 
Opportunity costs
Unlike traditional economics, behavioral economics believes that…
 
People do not always behave in a rational way when making ec
 
There is no way to predict how people will make economic dec
Imani attends a town hall meeting where a tax increase is proposed to help pay for a new bridge. After the meeting, she reads Facebook comments that complain about the already high taxes in her town, which is a view that she agrees with.
 
Seek out comments that support the tax increase and the brid
 
Allow others to make the decision because she is too biased
Which of the following is the LEAST likely to influence a person’s financial decisions?
 
What their friends want
 
What their budget is
When using social media, it's important to remember that...
 
People usually only post about the best parts of their lives
 
Social media ads are trying to get you to buy stuff you NEED
Sebastian began day trading stocks at the beginning of the summer. After a month, he made a profit of $200. Due to his short term success and his belief that he is a highly skilled trader, Sebastian puts his entire savings into the market.
 
Overconfidence Bias
 
The Fear of Missing Out (FOMO)
Which of the following actions is the BEST way to counteract loss aversion when making a decision?
 
Reframing the decision to focus on the potential gains inste
 
Polling a bunch of your friends and family to see what they
Which of the following best describes what a cognitive bias is?
 
An error in the way we think that can influence our decision
 
A rational decision that is based on research and facts
After learning about hedonic adaptation, Tamara wants to spend her money more wisely. Which of the following might help her do so?
 
Donating money to a charity that supports a cause she cares
 
Getting a new phone accessory for her phone case
Which of the following scenarios BEST demonstrates FOMO (Fear of Missing Out)?
 
José wants to go see a movie that all of his friends saw
 
Megan takes a baking class after seeing a sign for the class


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