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