The Role of Behavioral Economics in Public Policy Design - Quiz
- 1. What is a common example of a behavioral economics concept used in policy-making?
A) Free market principles
B) Nudging
C) Centralized planning
D) Austerity measures
- 2. What is the concept that suggests people are more likely to stick with the default option?
A) Rational choice theory
B) Tax evasion
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) Herd behavior
B) Isolation effect
C) Altruism
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) Self-serving bias
B) Zeigarnik effect
C) Loss aversion
D) Cognitive dissonance
- 5. Which theory suggests that individuals have limited willpower and self-control when making decisions?
A) Utility theory
B) Ego depletion 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) Sunk cost fallacy
B) Framing effect
C) Confirmation bias
D) Anchoring bias
- 7. What term refers to a situation where small changes can lead to significantly different outcomes over time?
A) Linear progression
B) Butterfly effect
C) Instantaneous impact
D) Divergent evolution
- 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) Anthropology
B) Behavioral economics
C) Political science
D) Philosophy
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