Decision-Making Heuristics and Biases Quiz

Test your knowledge! Explore key heuristics & biases in decision-making. Can you identify common tendencies in Behavioral Economics?

#1

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

Availability heuristic
Representativeness heuristic
Anchoring and adjustment heuristic
Confirmation bias
#2

What is the tendency to favor information that confirms pre-existing beliefs or hypotheses, while ignoring or rejecting contradictory evidence?

Availability heuristic
Representativeness heuristic
Confirmation bias
Anchoring and adjustment heuristic
#3

Which heuristic involves estimating the likelihood of an event based on how similar it is to a typical prototype?

Availability heuristic
Representativeness heuristic
Confirmation bias
Anchoring and adjustment heuristic
#4

What is the tendency to rely too heavily on the first piece of information encountered when making decisions?

Availability heuristic
Representativeness heuristic
Confirmation bias
Anchoring and adjustment heuristic
#5

What is the tendency to underestimate the time, cost, or risk of an action, while overestimating its benefits?

Sunk cost fallacy
Overconfidence bias
Planning fallacy
Anchoring bias
#6

Which bias involves placing greater value on items merely because you own them?

Framing effect
Endowment effect
Emotional bias
Recency bias
#7

Which of the following biases involves making decisions based on the emotional response they elicit rather than rational analysis?

Framing effect
Emotional bias
Sunk cost fallacy
Endowment effect
#8

Which heuristic involves adjusting an initial estimate too little in response to new, relevant information?

Anchoring and adjustment heuristic
Confirmation bias
Availability heuristic
Representativeness heuristic
#9

What is the tendency to make decisions based on how the choices are framed, rather than the actual outcomes?

Framing effect
Anchoring bias
Recency bias
Confirmation bias
#10

Which of the following biases involves giving disproportionate weight to recent events when making decisions?

Recency bias
Sunk cost fallacy
Availability heuristic
Endowment effect

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