Ethical Decision-Making and Cognitive Biases Quiz

Test your knowledge of behavioral economics with questions on cognitive biases & decision-making tendencies. Explore key concepts in ethical decision-making.

#1

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

Confirmation Bias
Anchoring Bias
Availability Heuristic
Recency Bias
#2

What is the term for the tendency to favor information that confirms one's preconceptions or hypotheses regardless of whether the information is true or not?

Confirmation Bias
Hindsight Bias
Overconfidence Bias
Recency Bias
#3

Which cognitive bias involves making judgments about the likelihood of an event based on how easily examples of it come to mind?

Anchoring Bias
Availability Heuristic
Confirmation Bias
Overconfidence Bias
#4

What is the tendency to believe that future events are more predictable than they actually are, often leading to overestimation of the accuracy of one's predictions?

Hindsight Bias
Overconfidence Bias
Confirmation Bias
Recency Bias
#5

What is the cognitive bias that causes individuals to judge others as being more similar to themselves than they really are?

Projection Bias
Anchoring Bias
Self-Serving Bias
False Consensus Effect
#6

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

Confirmation Bias
Self-Serving Bias
Availability Heuristic
Hindsight Bias
#7

Which cognitive bias involves the tendency to believe that one's personal preferences or beliefs are representative of broader groups or populations?

False Consensus Effect
Projection Bias
Self-Serving Bias
Anchoring Bias
#8

What is the cognitive bias that leads people to perceive themselves as better than average?

Self-Serving Bias
Confirmation Bias
Hindsight Bias
Overconfidence Bias
#9

Which cognitive bias involves the tendency to believe that if something happens frequently, it must be common?

Frequency Illusion
Anchoring Bias
Availability Heuristic
Confirmation Bias
#10

What is the term for the tendency to attribute success to internal factors and failure to external factors?

Confirmation Bias
Self-Serving Bias
Overconfidence Bias
Hindsight Bias
#11

Which of the following is NOT an example of a cognitive bias?

Optimism Bias
Availability Heuristic
Logical Reasoning
Sunk Cost Fallacy
#12

Which cognitive bias involves placing undue importance on the first piece of information received (the 'anchor') and making subsequent judgments based on it?

Confirmation Bias
Anchoring Bias
Hindsight Bias
Availability Heuristic
#13

Which cognitive bias involves attributing more importance to recent events compared to earlier ones when making decisions?

Anchoring Bias
Availability Heuristic
Recency Bias
Confirmation Bias
#14

What is the tendency to view events as more predictable after they have already occurred?

Hindsight Bias
Overconfidence Bias
Confirmation Bias
Anchoring Bias
#15

What is the tendency to believe that the likelihood of a rare event increases if it hasn't occurred recently?

Recency Bias
Gambler's Fallacy
Availability Heuristic
Hindsight Bias
#16

Which cognitive bias involves the tendency to overestimate one's ability to control or influence events?

Anchoring Bias
Control Fallacy
Overconfidence Bias
Confirmation Bias
#17

Which cognitive bias involves the tendency to overestimate the likelihood of events with more recent occurrences?

Recency Bias
Gambler's Fallacy
Availability Heuristic
Hindsight Bias
#18

What is the term for the tendency to believe that random events are influenced by past events, even when they are independent?

Illusion of Control
Control Fallacy
Sunk Cost Fallacy
Gambler's Fallacy
#19

Which cognitive bias involves making decisions based on how similar an example is to a prototype?

Representativeness Heuristic
Availability Heuristic
Recency Bias
False Consensus Effect
#20

What is the cognitive bias that causes individuals to believe they can control or influence outcomes when they cannot?

Control Fallacy
Overconfidence Bias
Anchoring Bias
Gambler's Fallacy
#21

What is the term for the tendency to overestimate one's own ability to predict events or outcomes?

Overconfidence Bias
Confirmation Bias
Recency Bias
Anchoring Bias
#22

Which cognitive bias involves the tendency to continue a behavior or decision once made, even when it's no longer rational?

Anchoring Bias
Sunk Cost Fallacy
Overconfidence Bias
Recency Bias
#23

What is the term for the tendency to judge the probability of an event based on how similar it is to the typical prototype of that event?

Representativeness Heuristic
Availability Heuristic
Recency Bias
Sunk Cost Fallacy
#24

Which cognitive bias involves the tendency to overvalue the usefulness of an item simply because one owns it?

Endowment Effect
Anchoring Bias
Confirmation Bias
Representativeness Heuristic
#25

Which cognitive bias involves the tendency to rely too heavily on the most recent information when making decisions?

Recency Bias
Anchoring Bias
Sunk Cost Fallacy
Availability Heuristic

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