2026

Psychology & Mind

The Human Element in Economic Logic

A deep dive into the mental shortcuts and biases that disrupt standard rational choice theory.

#psychology#economics#decision-making#heuristics#human-behavior

Quiz Intelligence

Total Questions

10

Difficulty Level

medium

Progress

0/0

0%

Quiz Questions

Answer all questions below and test your knowledge.

1
An investor refuses to sell a declining stock because they have already invested a significant amount of money into it. Which phenomenon is this an example of?
Question 1
2
When a consumer evaluates a $100 shirt as 'cheap' only because it is marked down from $300, which bias is at work?
Question 2
3
Which concept describes the tendency for individuals to prefer things more highly simply because they own them?
Question 3
4
A person chooses a savings plan that offers immediate small rewards over a plan that offers much larger rewards in the distant future. This is known as:
Question 4
5
If a marketing campaign describes a product as '90% fat-free' instead of '10% fat,' which behavioral principle is being utilized?
Question 5
6
In 'Mental Accounting', how are individuals likely to treat a $50 gift versus $50 earned through hard labor?
Question 6
7
What term describes the tendency to rely on immediate examples that come to mind when evaluating a specific topic or risk?
Question 7
8
When a person believes they are less likely to experience a negative economic event than the statistical average, they are exhibiting:
Question 8
9
A decision-maker follows a default option (like a pre-selected retirement plan) because it requires no effort to change. This is an example of:
Question 9
10
Which term refers to the way in which the environment or the presentation of choices can influence consumer behavior without forbidding any options?
Question 10

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The Human Element in Economic Logic

Quiz Intelligence

Quiz Questions

An investor refuses to sell a declining stock because they have already invested a significant amount of money into it. Which phenomenon is this an example of?

When a consumer evaluates a $100 shirt as 'cheap' only because it is marked down from $300, which bias is at work?

Which concept describes the tendency for individuals to prefer things more highly simply because they own them?

A person chooses a savings plan that offers immediate small rewards over a plan that offers much larger rewards in the distant future. This is known as:

If a marketing campaign describes a product as '90% fat-free' instead of '10% fat,' which behavioral principle is being utilized?

In 'Mental Accounting', how are individuals likely to treat a $50 gift versus $50 earned through hard labor?

What term describes the tendency to rely on immediate examples that come to mind when evaluating a specific topic or risk?

When a person believes they are less likely to experience a negative economic event than the statistical average, they are exhibiting:

A decision-maker follows a default option (like a pre-selected retirement plan) because it requires no effort to change. This is an example of:

Which term refers to the way in which the environment or the presentation of choices can influence consumer behavior without forbidding any options?