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31. Which cognitive error is demonstrated by the statement, “I…
31. Which cognitive error is demonstrated by the statement, “I might as well keep watching this terrible movie because I have already watched an hour of it.”
A. Confirmation Bias
B. Optimism Bias
C. Planning Fallacy
D. Sunk Cost Fallacy
32. Negative mood has a greater effect on _________________ decision-makers and positive mood has a greater effect on _______________ decision-makers.
A. older, younger
B. older, older
C. younger, older
D. younger, younger
33. Malyea is playing roulette. In the last 8 spins of the wheel the ball has landed on black. Therefore, she bets on red on the next spin of the wheel thinking that red is bound to turn up after so many blacks in a row, although there are as many red slots as black slots on the wheel. Malyea is exhibiting which of the following?
A. Confirmation Bias
B. Gambler’s Fallacy
C. Optimism Bias
D. None of the above; her thinking is correct
34. We have the tendency to predict the likelihood of something by looking for similarities; the more X is similar to Class Y, the more we think X belongs to Class Y. This heuristic is known as the:
A. Affect Heuristic
B. Anchoring and Adjustment Heuristic
C. Availability Heuristic
D. Representativeness Heuristic
35. Barry’s sister Daria only dates people who wear expensive shoes. Barry advises Daria to change her rule to the following: only date people who treat you nicely. Barry doesn’t know if his suggestion is the best possible rule, but he thinks it will at least work better than the rule Daria is using right now. Barry’s recommendation is an example of a:
A. Descriptive Model
B. Normative Model
C. Prescriptive Model
D. None of the Above
36. A key difference between uncertainty and risk is that when there is uncertainty,
A. the situation is more likely to be harmful.
B. it is not guaranteed that the outcome will be 100% positive.
C. the person’s environment constrains the possible choices that are available.
D. relevant numerical data with which to calculate probabilities are not available.
37. We don’t intuitively understand that small samples can inflate random error; that they don’t represent a population very well. In such cases we use small numbers to create coherence and make rapid inferences. This is referred to as:
A. Law of Large Numbers
B. Maximization
C. Overweighting
D. Sample Insensitivity
38. People tend to overestimate the negative feelings they will experience after a future outcome. For example, a person might anticipate more pain during a future dental treatment than they later actually experience. This is known as which of the following?
A. Affective Forecasting
B. Affect Infusion
C. Appraisal Tendency Hypothesis
D. Discounting
39. A famous argument about the existence of God states that, if you are betting, the best choice is to bet that God actually exists. The choices are paired with the outcomes as follows:
God Exists God Does Not Exist
Bet That God Exists Gain All Status quo
Bet That God Does Not Exist Misery Status quo
So, the worst choice if you bet that God Exists is the same as the best choice if you best that God does not exist. This argument is known as which of the following?
A. Blindman’s Bluff
B. Halo Effect
C. Pascal’s Wager
D. Prisoner’s Dilemma
40. If an environmental group wants to get people to change their recycling habits, they should make a commercial that depicts the future as people living among piles of trash, dead fish in the ocean, and large areas of deforesting across the planet. This type of “scare tactic” appeals primarily to which system?
A. System 1
B. System 2
