#1
Which cognitive bias involves making decisions based on a vivid memory or recent event rather than statistical data?
Hindsight bias
Recency bias
Availability heuristic
Anchoring bias
#2
Which cognitive bias involves favoring information that confirms preexisting beliefs or hypotheses?
Confirmation bias
Hindsight bias
Representativeness heuristic
Availability heuristic
#3
Which cognitive bias involves underestimating the time, cost, or resources required to complete a task?
Overconfidence bias
Recency bias
Anchoring bias
Planning fallacy
#4
Which cognitive bias involves attributing success to personal abilities or efforts while attributing failures to external factors or bad luck?
Confirmation bias
Hindsight bias
Self-serving bias
Availability heuristic
#5
Which cognitive bias involves the tendency to believe that events are more predictable after they have occurred?
Hindsight bias
Recency bias
Availability heuristic
Representativeness heuristic
#6
Which cognitive bias refers to the tendency to rely on the first piece of information encountered when making decisions?
Confirmation bias
Anchoring bias
Availability heuristic
Representativeness heuristic
#7
In managerial decision-making, the 'sunk cost fallacy' is primarily associated with which cognitive bias?
Overconfidence bias
Recency bias
Anchoring bias
Loss aversion bias
#8
Which cognitive bias leads individuals to overestimate the likelihood of events based on how easily they can imagine or recall them?
Confirmation bias
Anchoring bias
Availability heuristic
Representativeness heuristic
#9
In decision-making, what does the term 'framing effect' refer to?
The tendency to make decisions based on the most recent information available
The influence of how information is presented on decision-making
The tendency to seek out information that confirms preexisting beliefs
The tendency to overestimate the impact of rare or vivid events
#10
Which cognitive bias refers to the tendency to prefer immediate rewards over larger rewards that require waiting?
Anchoring bias
Temporal discounting
Representativeness heuristic
Availability heuristic
#11
According to Prospect Theory, individuals tend to be risk-averse when faced with which type of decision?
Decisions framed in terms of potential gains
Decisions framed in terms of potential losses
Decisions framed neutrally
Decisions involving no risk
#12
The 'endowment effect' suggests that individuals tend to value what they own more than equivalent objects they do not own. Which cognitive bias does this illustrate?
Sunk cost fallacy
Recency bias
Loss aversion bias
Confirmation bias
#13
What is 'loss aversion' as described in behavioral economics?
The tendency to avoid taking risks when faced with potential losses
The tendency to overestimate the impact of losses compared to equivalent gains
The tendency to make decisions based on the first piece of information encountered
The tendency to underestimate the time or resources required to complete a task
#14
According to the 'framing effect,' individuals may make different decisions based on how the options are presented. Which cognitive bias does this illustrate?
Anchoring bias
Recency bias
Framing bias
Confirmation bias
#15
According to the 'endowment effect,' individuals tend to place a higher value on items they own compared to identical items they do not own. Which cognitive bias does this illustrate?
Loss aversion bias
Recency bias
Availability heuristic
Representativeness heuristic