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This quiz consists of 5 multiple choice and 5 short answer questions through Chapters 25 - 29.

Multiple Choice Questions

1. What word is used to describe when people fail to apply a logical rule that is obviously relevant?
(a) Heuristic.
(b) Fallacy.
(c) Artifact.
(d) Axiom.

2. In utility theory, the utilty of a gain is assessed by comparing what?
(a) The base rates of the subject.
(b) The heuristics of the subject.
(c) The utilities of two states of wealth.
(d) The axioms invested in the states of wealth.

3. What are statistical base rates?
(a) Statistics that describe maximum imput.
(b) Facts about the history of a decision.
(c) Observations about a group of people.
(d) Facts about a population to which a case belongs.

4. What do we lose touch with when we are uncomfortable or unhappy?
(a) Admiration.
(b) Intuition.
(c) Articulation.
(d) Recognition.

5. According to the author in Chapter 26, "In bad choices, where a sure loss is compared to a larger loss that is merely probable," what is the result (552)?
(a) "Loss aversion causes narrative fallacies."
(b) "Diminishing sensitivity causes risk seeking."
(c) "Risk seeking behavior causes extremely loss aversive choices."
(d) "Loss aversion causes extremely risk-averse choices."

Short Answer Questions

1. The author states in Chapter 26, "In mixed gambles, where both a gain and a loss are possible," what happens (552)?

2. The author states in Chapter 25, "Gambles represent the fact that the consequences of choices are" what (526)?

3. Who was Richard Nisbett's student who assisted in conducting an experiment at the University of Michigan that the author cites in Chapter 15?

4. Where was John von Neumann originally from?

5. The author states in the opening of Chapter 29, "Whenever you form a global evaluation of a complex object--a car you may buy, your son-in-law, or an uncertain situation--you" do what (600)?

(see the answer key)

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