Preferences and Actions in Daily Life Quiz
Test your knowledge on decision-making, procrastination, and psychological principles influencing choices. Dive into behavioral economics!
#1
Which of the following best describes a preference?
A predetermined choice made without much thought
An inclination or liking for one alternative over others
A random selection without any reasoning
A forced decision imposed by external factors
#2
In the context of daily life, what does 'procrastination' refer to?
Taking immediate action on tasks
Planning and organizing tasks efficiently
Delaying or postponing tasks unnecessarily
Completing tasks well ahead of schedule
#3
Which psychological principle suggests that individuals tend to select an option that is framed positively rather than negatively?
Reciprocity
Framing effect
Confirmation bias
Cognitive dissonance
#4
What is 'decision fatigue'?
The inability to make any decisions
Feeling exhausted after making too many decisions
The tendency to make impulsive decisions
A condition where decisions are always accurate
#5
What does the term 'opportunity cost' refer to in decision-making?
The financial cost of an opportunity
The value of the next best alternative forgone
The total benefits of choosing an option
The time spent considering alternatives
#6
Which concept suggests that people are more likely to follow through on commitments they make willingly and publicly?
Social proof
Foot-in-the-door technique
Reciprocity
Commitment bias
#7
According to the 'paradox of choice', having more options often leads to:
Increased satisfaction
Decreased likelihood of decision-making
Increased decision-making efficiency
Decreased anxiety
#8
What does 'anchoring' refer to in decision-making?
The tendency to rely on the first piece of information encountered
The act of setting goals to guide decision-making
The process of seeking advice from others
The tendency to avoid making decisions
#9
According to the 'endowment effect', people tend to:
Overvalue items they own compared to identical items they don't own
Undervalue items they own compared to identical items they don't own
Value all items equally regardless of ownership
Not consider ownership when evaluating the value of items
#10
What is 'hyperbolic discounting'?
A tendency to overvalue immediate rewards over long-term rewards
A tendency to overestimate the value of future rewards
A tendency to undervalue immediate rewards over long-term rewards
A tendency to ignore rewards altogether
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