Decision-Making and Cognitive Biases Quiz

Challenge yourself with questions on cognitive biases and decision-making processes in behavioral economics. Test your understanding now!

#1

Which cognitive bias involves placing undue importance on the first piece of information encountered?

Confirmation bias
Anchoring bias
Availability heuristic
Recency effect
#2

What is the term for the tendency to favor information that confirms one's preexisting beliefs or hypotheses?

Confirmation bias
Anchoring bias
Hindsight bias
Availability heuristic
#3

Which cognitive bias involves attributing success to one's abilities or efforts while attributing failure to external factors?

Fundamental attribution error
Self-serving bias
Sunk cost fallacy
Overconfidence bias
#4

What is the tendency to continue investing time, money, or effort into a project or decision despite evidence suggesting it's failing known as?

Fundamental attribution error
Self-serving bias
Sunk cost fallacy
Overconfidence bias
#5

Which cognitive bias involves the tendency to rely too heavily on the first piece of information encountered when making decisions?

Confirmation bias
Anchoring bias
Availability heuristic
Recency effect
#6

Which cognitive bias involves making decisions based on the most readily available information?

Confirmation bias
Anchoring bias
Availability heuristic
Recency effect
#7

What is the tendency to overestimate the likelihood of events that have recently occurred known as?

Confirmation bias
Anchoring bias
Availability heuristic
Recency effect
#8

Which cognitive bias involves attributing others' actions to their character or personality rather than situational factors?

Fundamental attribution error
Self-serving bias
Sunk cost fallacy
Overconfidence bias
#9

What is the tendency to overestimate one's own knowledge, abilities, or predictions known as?

Fundamental attribution error
Self-serving bias
Sunk cost fallacy
Overconfidence bias
#10

Which cognitive bias involves making decisions based on information that is most easily retrievable from memory?

Confirmation bias
Anchoring bias
Availability heuristic
Recency effect
#11

Which cognitive bias involves underestimating the time, cost, and risks of a particular action or decision?

Confirmation bias
Anchoring bias
Planning fallacy
Framing effect
#12

Which cognitive bias involves making decisions based on the way information is presented rather than the actual information itself?

Fundamental attribution error
Self-serving bias
Sunk cost fallacy
Framing effect
#13

Which cognitive bias involves underestimating the time, cost, and risks of a particular project or action?

Confirmation bias
Anchoring bias
Planning fallacy
Framing effect
#14

Which cognitive bias involves making decisions based on how information is presented rather than the actual information itself?

Fundamental attribution error
Self-serving bias
Sunk cost fallacy
Framing effect

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