#1
Which of the following best describes a preference?
An inclination or liking for one alternative over others
ExplanationPreference is the inclination towards one option over others.
#2
In the context of daily life, what does 'procrastination' refer to?
Delaying or postponing tasks unnecessarily
ExplanationProcrastination is the unnecessary delay of tasks.
#3
Which psychological principle suggests that individuals tend to select an option that is framed positively rather than negatively?
Framing effect
ExplanationFraming effect: Preference for positively framed options.
#4
What is 'decision fatigue'?
Feeling exhausted after making too many decisions
ExplanationDecision fatigue is exhaustion from excessive decision-making.
#5
What does the term 'opportunity cost' refer to in decision-making?
The value of the next best alternative forgone
ExplanationOpportunity cost is the value of the best alternative not chosen.
#6
Which concept suggests that people are more likely to follow through on commitments they make willingly and publicly?
Commitment bias
ExplanationCommitment bias: Greater commitment to publicly made decisions.
#7
According to the 'paradox of choice', having more options often leads to:
Decreased likelihood of decision-making
ExplanationThe paradox of choice suggests more options can hinder decision-making.
#8
What does 'anchoring' refer to in decision-making?
The tendency to rely on the first piece of information encountered
ExplanationAnchoring: Relying heavily on initial information in decision-making.
#9
According to the 'endowment effect', people tend to:
Overvalue items they own compared to identical items they don't own
ExplanationEndowment effect: Overvaluing owned items compared to identical ones not owned.
#10
What is 'hyperbolic discounting'?
A tendency to overvalue immediate rewards over long-term rewards
ExplanationHyperbolic discounting: Overvaluing immediate rewards over long-term ones.