Cognitive Biases: Types and Impact on Decision-Making

Question 1

Which of the following is NOT considered a type of cognitive bias?

Accepted Answer

Rational thinking

Answer

Confirmation bias

Answer

Framing effect

Answer

Attention bias

Question 2

True or False: Cognitive biases always have a negative impact on our decision-making.

Accepted Answer

False

Answer

True

Question 3

How do cognitive biases affect economic decisions and outcomes?

Accepted Answer

Cognitive biases can distort how we perceive risk, influencing investment choices and risk management.

Accepted Answer

Cognitive biases can reduce consumer surplus by influencing consumer choices and preferences.

Answer

Cognitive biases generally improve market efficiency, leading to optimal resource allocation.

Answer

Cognitive biases consistently enhance firm profitability by enabling better decision-making and resource utilization.

Question 4

Which cognitive bias involves relying heavily on the first piece of information encountered, leading to subsequent judgments being influenced by this initial information?

Accepted Answer

Anchoring bias

Answer

Loss aversion

Answer

Availability heuristic

Answer

Confirmation bias

Question 5

Which characteristic is NOT typically associated with cognitive biases?

Accepted Answer

They always lead to rational decisions

Answer

They can influence our judgments and choices

Answer

They are automatic and operate subconsciously

Answer

They can be categorized into different types

Question 6

Which cognitive bias involves the tendency to attribute positive outcomes to our own abilities and negative outcomes to external factors?

Accepted Answer

Self-serving bias

Answer

Actor-observer bias

Answer

Dunning-Kruger effect

Answer

Fundamental attribution error

Question 7

Which approach can effectively reduce the influence of cognitive biases on our decision-making?

Accepted Answer

Being aware of their existence and potential impact

Answer

Relying solely on logical reasoning to make decisions

Answer

Completely avoiding situations where cognitive biases may arise

Question 8

The tendency to seek and interpret information that confirms our existing beliefs and expectations is known as:

Accepted Answer

Confirmation bias

Answer

Hindsight bias

Answer

Availability heuristic

Answer

Framing effect

Question 9

Which cognitive bias involves placing greater emphasis on recent information compared to past information when making judgments or decisions?

Accepted Answer

Recency bias

Answer

Framing effect

Answer

Salience bias

Answer

Availability heuristic

Question 10

The tendency to make decisions based on emotions and feelings rather than objective analysis and reasoning is known as:

Accepted Answer

Affective heuristic

Answer

Cognitive dissonance

Answer

Framing effect

Answer

Availability heuristic

Question 11

Which cognitive bias refers to the tendency to overestimate the frequency of events that have a strong impact on our emotions?

Accepted Answer

Availability heuristic

Answer

Anchoring bias

Answer

Confirmation bias

Answer

Representativeness heuristic

Question 12

Consider the scenario: A politician running for office releases campaign ads that highlight their credentials and experience. A voter who sees these ads may be more likely to believe that the candidate is qualified for the position, even if there is no objective evidence to support this claim. Which cognitive bias is at play here?

Accepted Answer

Halo effect

Answer

Sunk cost fallacy

Answer

Hindsight bias

Answer

Framing effect

Question 13

Which cognitive bias is characterized by the tendency to believe that the future will resemble the past?

Accepted Answer

Status quo bias

Answer

Illusion of control

Answer

Escalation of commitment

Answer

Self-serving bias

Question 14

Which cognitive bias refers to the tendency to seek out information that aligns with our existing beliefs?

Accepted Answer

Confirmation bias

Answer

Availability heuristic

Answer

Framing effect

Question 15

Which cognitive bias refers to the tendency to believe that an event will happen because it has happened in the past?

Accepted Answer

Gambler's fallacy

Answer

Anchoring bias

Answer

Regression to the mean

Answer

Representative bias

Question 16

Which cognitive bias refers to the tendency to believe that we are more capable than average?

Accepted Answer

Overconfidence bias

Answer

Self-serving bias

Answer

Hindsight bias

Answer

Illusion of control

Question 17

Which cognitive bias refers to the tendency to continue investing in a losing venture because we have already invested significantly?

Accepted Answer

Sunk cost fallacy

Answer

Escalation of commitment

Answer

Hindsight bias

Answer

Anchoring bias

Question 18

Which of the following is NOT a recognized type of cognitive bias?

Accepted Answer

Rational error

Answer

Confirmation bias

Answer

Hindsight bias

Answer

Anchoring bias

Question 19

The tendency to overweight recent information and disregard older information in decision-making is an example of which cognitive bias?

Accepted Answer

Recency bias

Answer

Availability bias

Answer

Framing effect

Answer

Overconfidence bias

Question 20

Which cognitive bias refers to the tendency to seek out information that confirms our existing beliefs and disregard information that contradicts them?

Accepted Answer

Confirmation bias

Answer

Availability bias

Answer

Anchoring bias

Answer

Hindsight bias

Question 21

The tendency to rely too heavily on the initial piece of information encountered when making a decision is known as:

Accepted Answer

Anchoring bias

Answer

Availability bias

Answer

Hindsight bias

Answer

Framing bias

Question 22

Cognitive biases can be broadly classified into which two main types?

Accepted Answer

Systematic and heuristic

Answer

Conscious and unconscious

Answer

Rational and irrational

Question 23

Which cognitive bias involves the tendency to overestimate our own abilities and skills?

Accepted Answer

Overconfidence bias

Answer

Optimism bias

Answer

Illusion of control

Answer

Self-serving bias

Question 24

The tendency to view past events as more predictable than they actually were is an example of:

Accepted Answer

Hindsight bias

Answer

Availability bias

Answer

Confirmation bias

Question 25

Which of the following statements regarding cognitive biases is accurate?

Accepted Answer

They can contribute to irrational decision-making.

Answer

They always have positive effects.

Answer

They are only present in individuals with low intelligence.

Answer

They can be easily overcome through sheer willpower.

Question 26

Which cognitive bias involves giving undue weight to recent or easily retrieved information?

Accepted Answer

Availability Heuristic

Answer

Hindsight Bias

Answer

Framing Effect

Answer

Confirmation Bias

Question 27

Salience Bias refers to the tendency to:

Accepted Answer

Overestimate the likelihood of events based on their vividness and memorability

Answer

Give more weight to recent information

Answer

Resist change and prefer the status quo

Answer

Interpret ambiguous information in a way that confirms existing beliefs

Question 28

Which of the following is NOT a type of confirmation bias?

Accepted Answer

Seeking out information that disproves beliefs

Answer

Confirmation bias

Answer

Selective attention

Question 29

Which cognitive bias refers to the tendency to accept information from an authority figure without critical evaluation?

Accepted Answer

Authority Bias

Answer

Groupthink

Answer

Bandwagon Effect

Answer

Halo Effect

Question 30

Which of the following is an example of an emotional cognitive bias?

Accepted Answer

Fear-Induced Compliance

Answer

Salience Bias

Answer

Confirmation Bias

Answer

Anchoring Bias

Question 31

Which cognitive bias involves a preference for the current state of affairs and resistance to change?

Accepted Answer

Status Quo Bias

Answer

Framing Effect

Answer

Conservatism Bias

Answer

Loss Aversion

Question 32

Which option does NOT represent a type of cognitive bias?

Accepted Answer

Objective thinking

Answer

Availability bias

Answer

Hindsight bias

Answer

Confirmation bias

Question 33

Which cognitive bias describes the tendency to give excessive weight to recent information when making decisions?

Accepted Answer

Availability heuristic

Answer

Halo effect

Answer

Anchoring effect

Answer

Framing effect

Question 34

A consumer's decision to purchase a product may be influenced by its 'brand name'. Which cognitive bias is likely at play here?

Accepted Answer

Halo effect

Answer

Framing effect

Answer

Confirmation bias

Answer

Hindsight bias

Question 35

Which cognitive bias involves the tendency to perceive patterns where none exist?

Accepted Answer

Apophenia

Answer

Anchoring effect

Answer

Framing effect

Answer

Availability bias

Question 36

Which of the following is a potential consequence of cognitive biases on decision-making?

Accepted Answer

Irrational choices

Answer

Enhanced problem-solving

Answer

Improved creativity

Answer

Increased precision

Question 37

'IKEA effect' is associated with which cognitive bias?

Accepted Answer

Endowment effect

Answer

Framing effect

Answer

Confirmation bias

Answer

Availability bias

Question 38

Which strategy can help mitigate the effects of cognitive biases?

Accepted Answer

寻求多元视角

Answer

完全依赖直觉

Answer

避免决策

Answer

忽略所有信息

Question 39

Which cognitive bias refers to the tendency to believe that an event is less likely to occur because it is vivid or memorable?

Accepted Answer

Availability bias

Answer

Confirmation bias

Answer

Hindsight bias

Answer

Framing effect

Question 40

Which of the following is an example of a framing effect?

Accepted Answer

A donation request framed as 'saving lives' generates higher contributions than the same request framed as 'preventing deaths'.

Answer

A decision made after consulting multiple experts is less biased.

Question 41

Which cognitive bias describes the tendency to give more weight to information that confirms our existing beliefs?

Accepted Answer

Confirmation bias

Answer

Availability bias

Answer

Anchoring effect

Answer

Hindsight bias

Question 42

Which of the following is not considered a cognitive bias?

Accepted Answer

Rational decision-making

Answer

Confirmation bias

Answer

Availability heuristic

Answer

Framing effect

Question 43

What is the cognitive bias that refers to the tendency to seek information that supports existing beliefs?

Accepted Answer

Confirmation bias

Answer

Hindsight bias

Answer

Anchoring bias

Answer

Halo effect

Question 44

Which cognitive bias leads individuals to overestimate the likelihood of events based on their ease of recall?

Accepted Answer

Availability heuristic

Answer

Frequency illusion

Answer

Representative heuristic

Answer

Clustering illusion

Question 45

What cognitive bias describes the influence of the way information is presented on decision-making?

Accepted Answer

Framing effect

Answer

Loss aversion

Answer

Endowment effect

Answer

Salience bias

Question 46

Which cognitive bias pertains to perceiving others in a consistently positive or negative way?

Accepted Answer

Halo effect

Answer

Primacy effect

Answer

Illusory correlation

Answer

Negativity bias

Question 47

Which cognitive bias describes the tendency to believe that an event is more likely to happen because it has happened recently?

Accepted Answer

Recency illusion

Answer

Clustering illusion

Answer

Frequency illusion

Question 48

What cognitive bias pertains to valuing something more simply because it is already in one's possession?

Accepted Answer

Endowment effect

Answer

Loss aversion

Answer

Sunk cost fallacy

Question 49

What cognitive bias refers to making decisions based on emotions rather than logical reasoning?

Accepted Answer

Affect heuristic

Answer

Representative heuristic

Answer

Anchoring bias

Answer

Framing effect

Question 50

Which cognitive bias occurs when you give more weight to information that confirms your existing beliefs, even if it contradicts other evidence?

Accepted Answer

Confirmation Bias

Answer

Anchoring Bias

Answer

Framing Effect

Answer

Availability Heuristic

Question 51

When making a decision, you tend to rely heavily on easily accessible information, even if it may not be the most relevant or accurate. This is an example of which cognitive bias?

Accepted Answer

Availability Heuristic

Answer

Endowment Effect

Answer

Sunk Cost Fallacy

Answer

Loss Aversion

Question 52

You are more likely to feel the impact of a potential loss than a potential gain of equal value. This illustrates which cognitive bias?

Accepted Answer

Loss Aversion

Answer

Anchoring Bias

Answer

Availability Heuristic

Answer

Framing Effect

Question 53

When making an estimate, you use an initial value as a reference point and adjust your estimate based on that value. This is an example of which cognitive bias?

Accepted Answer

Anchoring Bias

Answer

Availability Heuristic

Answer

Representativeness Heuristic

Answer

Framing Effect

Question 54

You are presented with a choice that is framed in a way that highlights potential benefits or minimizes potential losses. This is an example of which cognitive bias?

Accepted Answer

Framing Effect

Answer

Sunk Cost Fallacy

Answer

Representativeness Heuristic

Answer

Availability Heuristic

Question 55

You hear about a negative event that happened to a friend and it makes you more likely to avoid doing the same activity. This is an example of which cognitive bias?

Accepted Answer

Availability Heuristic

Answer

Anchoring Bias

Answer

Sunk Cost Fallacy

Answer

Confirmation Bias

Question 56

You continue to invest in a project even though you know it is not profitable because you have already invested a significant amount of money in it. This is an illustration of which cognitive bias?

Accepted Answer

Sunk Cost Fallacy

Answer

Loss Aversion

Answer

Endowment Effect

Answer

Framing Effect

Question 57

When making a decision, you tend to choose options that are similar to your existing beliefs or experiences. This is an example of which cognitive bias?

Accepted Answer

Representativeness Heuristic

Answer

Anchoring Bias

Answer

Framing Effect

Answer

Availability Heuristic

Question 58

You value an object you own more than someone who does not own it, even if the object's market value is lower. This is an example of which cognitive bias?

Accepted Answer

Endowment Effect

Answer

Loss Aversion

Answer

Framing Effect

Answer

Sunk Cost Fallacy

Question 59

You decide to visit a restaurant based on recommendations from a friend who has been there, despite not having done your own research. This is an illustration of which cognitive bias?

Accepted Answer

Availability Heuristic

Answer

Representativeness Heuristic

Answer

Anchoring Bias

Answer

Confirmation Bias