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