Which of the following best describes the availability heuristic?

Making decisions based on recent or easily recalled information

The anchoring bias occurs when:

People rely too heavily on the first piece of information they receive

The framing effect is a bias where:

People make different decisions based on how information is presented

What is the affect heuristic?

Making decisions based on emotions rather than facts

The confirmation bias refers to:

Interpreting information in a way that supports pre-existing beliefs

What is the sunk cost fallacy?

The tendency to escalate commitment to a decision due to previous investments

The overconfidence bias occurs when:

People overestimate the accuracy of their judgments and decisions

Which of the following is an example of the availability heuristic?

Assuming an event is likely because it is vividly remembered or frequently reported

Judgment and Decision Making: MCQ Test on Cognitive Biases and Heuristics

Questions: 30

Questions

1. What is a cognitive bias?
- a) A mental shortcut that helps make decisions quickly
- b) A systematic error in thinking
- c) A strategy for making decisions based on logic
- d) A method for analyzing data
2. Which of the following best describes the availability heuristic?
- a) Making decisions based on recent or easily recalled information
- b) Relying on statistical data to make decisions
- c) Making decisions based on expert opinions
- d) Using a systematic process to solve problems
3. The anchoring bias occurs when:
- a) People rely too heavily on the first piece of information they receive
- b) People overestimate the value of rare events
- c) People make judgments based on past experiences
- d) People tend to seek information that confirms their beliefs
4. Which cognitive bias involves overestimating one's ability to predict future events?
- a) Confirmation bias
- b) Hindsight bias
- c) Optimism bias
- d) Availability heuristic
5. The framing effect is a bias where:
- a) People make different decisions based on how information is presented
- b) People choose the option with the most information
- c) People ignore emotional factors in decision-making
- d) People make decisions based on long-term consequences
6. What is the affect heuristic?
- a) Making decisions based on emotions rather than facts
- b) A method of analyzing the pros and cons of a situation
- c) Making decisions based on long-term thinking
- d) Choosing the option that is statistically most likely to succeed
7. The confirmation bias refers to:
- a) Seeking information that contradicts existing beliefs
- b) Interpreting information in a way that supports pre-existing beliefs
- c) Relying on intuition rather than reasoning
- d) Making decisions based on facts rather than emotions
8. What is the sunk cost fallacy?
- a) The tendency to escalate commitment to a decision due to previous investments
- b) The tendency to make decisions based on future benefits
- c) The tendency to avoid making decisions based on past outcomes
- d) The tendency to make decisions based on available resources
9. The overconfidence bias occurs when:
- a) People overestimate the accuracy of their judgments and decisions
- b) People underestimate the risks involved in a decision
- c) People base their decisions on past experiences
- d) People make decisions based on social influence
10. Which of the following is an example of the availability heuristic?
- a) Assuming an event is likely because it is vividly remembered or frequently reported
- b) Relying on statistical probabilities to make a decision
- c) Using an expert’s opinion to make a decision
- d) Considering long-term consequences when making decisions
11. What is the bandwagon effect?
- a) The tendency to adopt a belief or behavior because others are doing it
- b) The tendency to reject opinions that are too popular
- c) The tendency to make decisions based on deep analysis
- d) The tendency to make decisions independently of group influence
12. Which of the following biases leads to a person overestimating their ability to predict outcomes?
- a) Hindsight bias
- b) Optimism bias
- c) Anchoring bias
- d) Confirmation bias
13. The hindsight bias is best described as:
- a) Seeing events as more predictable after they have occurred
- b) Relying on prior knowledge for future predictions
- c) Making decisions based on limited information
- d) Underestimating the influence of external factors on decisions
14. What does the "halo effect" describe in decision-making?
- a) The tendency to let a positive trait influence overall judgment
- b) The tendency to make judgments based on negative experiences
- c) The tendency to ignore external factors when making decisions
- d) The tendency to prioritize immediate rewards over long-term benefits
15. What is the loss aversion bias?
- a) The tendency to prefer avoiding losses rather than acquiring equivalent gains
- b) The tendency to make decisions based on emotional responses
- c) The tendency to be overconfident about decision outcomes
- d) The tendency to ignore risks and focus only on rewards
16. The hindsight bias makes people believe that:
- a) Events were more predictable than they actually were
- b) They can predict future outcomes more accurately
- c) They make decisions based on factual data
- d) They rely only on intuition for decision-making
17. The endowment effect occurs when:
- a) People overvalue something simply because they own it
- b) People make decisions based on group preferences
- c) People focus on immediate rewards instead of long-term outcomes
- d) People undervalue their possessions when making decisions
18. The cognitive dissonance theory suggests that:
- a) People try to reduce the discomfort of holding conflicting beliefs
- b) People make decisions based on their previous experiences
- c) People tend to seek information that supports their beliefs
- d) People make decisions that align with societal expectations
19. The affective forecasting error occurs when:
- a) People predict future emotions incorrectly
- b) People make decisions based on current emotions
- c) People rely on previous experiences for future predictions
- d) People make decisions based on social norms
20. The gambler’s fallacy is the belief that:
- a) Past events will influence future independent events
- b) Events are more likely to occur based on statistical probabilities
- c) People can control the outcome of random events
- d) Luck is always predictable
21. Which of the following is an example of the representativeness heuristic?
- a) Assuming a person is a librarian because they are quiet and bookish
- b) Relying on expert opinions to make decisions
- c) Making decisions based on personal experiences
- d) Making decisions based on available information
22. Which of the following biases is associated with decisions based on limited knowledge?
- a) Overconfidence bias
- b) Anchoring bias
- c) Confirmation bias
- d) Availability heuristic
23. The illusion of control bias occurs when:
- a) People believe they have control over events that are actually random
- b) People make decisions based on emotional responses
- c) People make decisions based on statistical data
- d) People overestimate their knowledge of a situation
24. Which bias leads individuals to focus more on information that supports their beliefs?
- a) Confirmation bias
- b) Representativeness heuristic
- c) Overconfidence bias
- d) Anchoring bias
25. The contrast effect in decision-making occurs when:
- a) People make decisions based on comparisons with extreme alternatives
- b) People make decisions based on limited information
- c) People ignore negative feedback when making choices
- d) People overvalue immediate rewards over long-term gains
26. The illusion of validity is:
- a) Believing that a judgment or prediction is more accurate than it actually is
- b) Relying on statistical data for predictions
- c) Making decisions based on intuitive feelings
- d) Making decisions that are statistically more likely to be wrong
27. Which bias leads to a person overestimating their ability to make accurate decisions?
- a) Optimism bias
- b) Overconfidence bias
- c) Anchoring bias
- d) Availability heuristic
28. The primacy effect is the tendency to:
- a) Remember the first items in a list better than the others
- b) Make decisions based on the most recent information
- c) Make decisions based on the most emotional experiences
- d) Focus on the middle items in a sequence
29. The self-serving bias is the tendency to:
- a) Take credit for successes and blame others for failures
- b) Make decisions based on external factors
- c) Consider long-term consequences when making choices
- d) Underestimate the likelihood of failure
30. What is the planning fallacy?
- a) The tendency to underestimate the time, costs and risks of future actions
- b) The tendency to make decisions quickly based on initial thoughts
- c) The tendency to favor immediate rewards over long-term benefits
- d) The tendency to overestimate one’s ability to predict future events

Ready to put your knowledge to the test? Take this exam and evaluate your understanding of the subject.

Judgment and Decision Making: MCQ Test on Cognitive Biases and Heuristics

1. What is a cognitive bias?

2. Which of the following best describes the availability heuristic?

3. The anchoring bias occurs when:

4. Which cognitive bias involves overestimating one's ability to predict future events?

5. The framing effect is a bias where:

6. What is the affect heuristic?

7. The confirmation bias refers to:

8. What is the sunk cost fallacy?

9. The overconfidence bias occurs when:

10. Which of the following is an example of the availability heuristic?

11. What is the bandwagon effect?

12. Which of the following biases leads to a person overestimating their ability to predict outcomes?

13. The hindsight bias is best described as:

14. What does the "halo effect" describe in decision-making?

15. What is the loss aversion bias?

16. The hindsight bias makes people believe that:

17. The endowment effect occurs when:

18. The cognitive dissonance theory suggests that:

19. The affective forecasting error occurs when:

20. The gambler’s fallacy is the belief that:

21. Which of the following is an example of the representativeness heuristic?

22. Which of the following biases is associated with decisions based on limited knowledge?

23. The illusion of control bias occurs when:

24. Which bias leads individuals to focus more on information that supports their beliefs?

25. The contrast effect in decision-making occurs when:

26. The illusion of validity is:

27. Which bias leads to a person overestimating their ability to make accurate decisions?

28. The primacy effect is the tendency to:

29. The self-serving bias is the tendency to:

30. What is the planning fallacy?

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