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