HELP PLEASEE!!
1. Overconfidence bias may lead the majority of Americans to think that they are...
A) Average drivers
B) Extremely poor drivers
C) Above average drivers
D) Below average drivers
2. Imagine two scenarios:
● Scenario 1: You see a rare sports card being sold for $500 in a store but choose not to buy it because you think it’s too expensive.
● Scenario 2: You find a rare sports card worth $500 in your parents’ attic. Rather than sell it, you choose to put it in a case and display it in your room.
In scenario 1, you are putting more value on your $500 than the card.
In scenario 2, you are putting more value on your card than the $500. This is an example of what?
A) Confirmation bias
B) The Endowment Effect
C) Overconfidence bias
D) The Fear of Missing Out (FOMO)
3. You are doing research on a new electric car that you are interested in buying. You only visit the car company’s website and an online message board of electric car enthusiasts to do your research. This strategy may lead to ...
A) The Endowment Effect
B) Herd mentality
C) Confirmation bias
D) Loss Aversion
4. Sarah has been working at the same company for five years. She's unhappy with her job, but feels she's invested too much to leave. This is an example of making decisions based on...
A) Sunk costs
B) Herd mentality
C) You Only Live Once (YOLO)
D) Confirmation bias
5.All of the following explain why humans might "follow the herd" EXCEPT...
A) Fighting social pressure can be difficult to do
B) It can be uncomfortable standing out from the crowd
C) Humans evolved to stick with the herd to survive
D) People prefer having opinions that are very different from those of others
