- 1. What is a common example of a behavioral economics concept used in policy-making?
A) Nudging
B) Centralized planning
C) Austerity measures
D) Free market principles
- 2. What is the concept that suggests people are more likely to stick with the default option?
A) Status quo bias
B) Tax evasion
C) Inflation targeting
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) 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) Zeigarnik effect
B) Cognitive dissonance
C) Self-serving bias
D) Loss aversion
- 5. Which theory suggests that individuals have limited willpower and self-control when making decisions?
A) Utility theory
B) Game theory
C) Ego depletion 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) Sunk cost fallacy
C) Anchoring bias
D) Confirmation bias
- 7. What term refers to a situation where small changes can lead to significantly different outcomes over time?
A) Butterfly effect
B) Linear progression
C) Divergent evolution
D) Instantaneous impact
- 8. What is the term for the tendency to rely on the first piece of information encountered when making decisions?
A) Availability heuristic
B) Anchoring bias
C) Loss aversion
D) Recency effect
- 9. Which field of study combines elements of economics and psychology to understand decision-making in real-world situations?
A) Political science
B) Behavioral economics
C) Philosophy
D) Anthropology
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