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Behavioural Economics Big Quiz (May 2020) Flashcards | StudBud
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Behavioural Economics Big Quiz (May 2020)
Behavioural Economics Big Quiz (May 2020)
23 terms
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StudBud Administration
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217 plays
A general knowledge business and economics quiz
Flashcards
23 cards
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Practice quiz
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Host live
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Questions
23
Answers
1
Identify this Economist
Daniel Kahneman
John Nash
Richard Thaler
Paul Krugman
2
Pretending things haven't changed when evidence suggests they have is the Ostrich effect
False
True
3
What is the nudge unit?
A policy making team in the Government
A charity supporting animal welfare
A behavioural insights team in the Government
An undercover team in the Government
4
Which of these sauces are available at Nando's?
Tutor2u Special (XXXXX Hot)
Vegan PERinaise
Cheese, chickpea and sweetcorn
Passion Fruit & Mango
5
The term bounded rationality means that
We are unable to exercise self control
We have limited brain power to weigh up benefits and costs
We are influenced by crossing overseas borders
We always make optimal decisions
6
Definition: Humans resistant to change and who prefer the status quo
Social norm
System 1 thinking
Messenger effect
Default bias
7
Slow, careful, analytical, reflective decisions is System 1 thinking
False
True
8
What type of behavioural marketing is taking place here? (Apologies for the stereotyping!)
Anchoring
Imposing a mandated choice
Changing default
Framing
9
One way the UK government could increase take up of workplace pensions would be to
Increase taxes on savings
Reduce the minimum wage
Raise the retirement age to 70 years
Use auto-enrolment
10
Definition: When there are too many options to make a fully-informed rational decision
Ostrich Effect
Rational behaviour
Hot Hand Fallacy
Choice overload
11
Why do many people head to McDonald's for their first meal when arriving in a new country?
They are following trusted heuristics
They are risk averse
They have a default bias
The quality of the food has low variance
12
Playing festive music in a store at Christmas to remind people to buy gifts is an example of
Choice architecture
Priming
Satisficing
Anchoring
13
Which of these are examples of mandated (imposed) choice?
Please keep two metres away from other people
Please wash hands with soap for 20 seconds
Stay at home
Cinemas and theatres to close
14
Definition: To say that people are loss averse means they:
Prefer not to hand out birthday presents
Are risk averse when making choices
Will rarely if ever buy a round of drinks
Dislike losing more than they like gaining at the same value
15
This advert appeals to which influences as a way of reinforcing our behaviour during lock-down?
Herd behaviour
Cost-benefit analysis
Social norms
Pure (narrow) self-interest
16
A government insisting on people now using face coverings on public transport would be an example of
Social norms
A soft behavioural nudge
Mandated choice
Choice architecture
17
Which of these economists has won a Nobel Prize for their work in behavioural economics?
Esther Duflo
Richard Thaler
Geoff Riley
Daniel Kahneman
18
Which of the following concepts are associated with behavioural economics?
Utility maximization
Heuristics
Bounded rationality
No feelings of emotion or regret
19
Identify the airport where this famous nudge took place!
Schiphol (Amsterdam)
Heathrow
Berlin
Manchester
20
Definition: When we rely on the first piece of information encountered
Heuristics
Anchoring
Framing
Zero risk bias
21
Definition: When people's decisions are based on the form in which information is presented
Framing
Bounded rationality
Choice architecture
Fairness
22
A online hotel booking site claims "only 3 rooms left at this price!" This is an example of
Optimism bias
Availability bias
Scarcity bias
Default bias
23
Many people under-estimate the probability of a severe recession in the US property market. This is an example of?
Scarcity bias
Framing bias
Default bias
Optimism bias
