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Exit Ticket 12.1, 12.2, & 12.3

Last updated 2 months ago

9 Nsɛmmisa

Hyɛ no nsow a efi ɔkyerɛwfo no hɔ:

Be sure to have completed the lessons for the Unit required for this exit ticket.

Akwankyerɛ

Be sure to have completed the lessons for the Unit required for this exit ticket.

Ɛhia

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Asemmisa {{asɛmmisaAhyɛnsode}}

1.

Behavioral economics is….

a field of economics that studies stock market trends

the study of how different economies around the world behave

a field of economics that studies people who make rational and objective decisions

the study of economic decision-making by individuals and institutions

Asemmisa {{asɛmmisaAhyɛnsode}}

2.

Cognitive bias is…

the desire to seek out information that confirms our existing beliefs

the concept of placing more value on an item when we own it

the belief that we our abilities are better than they actually are

a flaw in your reasoning that leads you to misinterpret information from the world around you and to come to an inaccurate conclusion

Asemmisa {{asɛmmisaAhyɛnsode}}

3.

You go to a restaurant and order a big meal. Even though you’re full, you keep eating because it was expensive. This is an example of...

Confirmation Bias

Sunk Cost

Fear of Missing Out

The Endowment Effect

Asemmisa {{asɛmmisaAhyɛnsode}}

4.

Loss aversion is the idea that...

If you lose money, you shouldn’t be in charge of making financial decisions

We tend to feel the effect of losses more than the effect of similar gains

We tend to avoid telling people about our losses

We tend to make investments that lose money

Asemmisa {{asɛmmisaAhyɛnsode}}

5.

Which of the following loss aversion strategies best describes a streaming service that allows you to watch its content free for 30 days?

Scarcity and urgency

Coupons

Free trials and samples

Buy now, get free shipping

Asemmisa {{asɛmmisaAhyɛnsode}}

6.

The Overnight Test is a strategy to overcome loss aversion. It involves imagining that overnight, something you own has been replaced with cash, and then deciding…

If you’re happier with the cash than you were with the item

How to get your item back

How to spend the cash

If you can somehow keep the money and get your item back

Asemmisa {{asɛmmisaAhyɛnsode}}

7.

Alisha is trying to sell some of her childhood toys at a garage sale, but nobody is buying them. She suspects that she could sell them quickly if she would lower the prices, but she doesn’t want to do that because the items have sentimental value. This is an example of what?

Fear of Missing Out

Confirmation Bias

Endowment Effect

Overconfidence

Asemmisa {{asɛmmisaAhyɛnsode}}

8.

Sunk costs are when we spend time, money, or effort that...

Our friends and family disagrees with

Increase our tax liability

Cannot be recovered

Increases our net worth

Asemmisa {{asɛmmisaAhyɛnsode}}

9.

You purchased an expensive meal at a restaurant. Halfway through you realize you are full to the point where another bite would cause you discomfort. Which of the following scenarios is an example of allowing sunk costs to impact your decision?

Asking for a to-go box

Eating the rest of the meal to get your money’s worth

Letting the server take your plate

Allowing your friend to finish your meal