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This test consists of 15 multiple choice questions and 5 short answer questions.

Multiple Choice Questions

1. How is the decision contruction of narrow framing defined?
(a) Two simple decisions, considered separately.
(b) Four simple decisions, considered separately.
(c) A single decision with four options.
(d) A single decision with two options.

2. 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)?
(a) "Make immediate assumptions."
(b) "Seek advice from experience."
(c) "Assign weights to its characteristics."
(d) "Evaluate the normalcy of the events or subjects."

3. How is the decision construction of broad framing defined by the author?
(a) A single decision with four options.
(b) Four simple decisions, considered separately.
(c) A single decision with two options.
(d) Two simple decisions, considered separately.

4. With what economist did Kahneman and Thaler work closely in Vancouver?
(a) Richard Thaler.
(b) John Gottman.
(c) Jack Knetsch.
(d) Bruno Frey.

5. What organization paid for Thaler to spend a year working with Kahneman in Vancouver?
(a) The Spencer C. Kaufman Foundation.
(b) The Michael Conner Foundation.
(c) The Russell Sage Foundation.
(d) The Roosevelt Foundation.

6. In the following example from Chapter 30, the author posits the following in regards to a person choosing a marble from an urn. The red marbles win a prize. "Urn A contains 10 marbles, of which 1 is red. Urn B contains 100 marbles, of which 8 are red" (631). What are the chances of winning in Urn B?
(a) 10%.
(b) 8%.
(c) 16%.
(d) 20%.

7. Who was the anesthesiologist who intervened regarding physicians' and midwives' clinical judgment to determine whether a baby faced breathing distress?
(a) Baruch Fischhoff.
(b) Danny Oppenheimer.
(c) Malcolm Gladwell.
(d) Virginia Apgar.

8. What is the conclusion of the paper "Trading is Hazardous to Your Health"?
(a) The speed of which trading correlates directly with loss aversion.
(b) The most active traders earned the highest returns while the least active traders earned low returns.
(c) The most active traders had the poorest results while the least active traders earned the highest returns.
(d) Both active traders and inactive traders earned similar returns.

9. How many participants were involved with the author's study on the pain of colonoscopies?
(a) 123.
(b) 10.
(c) 95.
(d) 154.

10. One of the decision problems that Kahneman and Tversky examined (as discussed in Chapter 25) was whether one would choose a coin toss in which the winner wins $100 or what?
(a) Getting $46 for certain.
(b) Getting $80 for certain.
(c) Losing $50.
(d) Losing $20.

11. Who first demonstrated the hindsight bias as a student in Jerusalem?
(a) Christopher Chabris and Daniel Simons.
(b) Malcolm Gladwell.
(c) Baruch Fischhoff.
(d) John List.

12. What term refers to elementary rules, or statements regarded as established?
(a) Heuristics.
(b) Artifacts.
(c) Axioms.
(d) Fallacies.

13. In assessing the stock market, the author asserts that skill in evaluating the business prospects of a firm is not sufficient for stock trading. Traders often lack the skill to answer what crucial question?
(a) Whether others invested in the stock have faith in its ability to produce.
(b) Whether the firm is a new firm or an old firm.
(c) Whether the information about the firm is already incorporated in the price of its stock.
(d) Whether the firm has many stockholders or few.

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

15. Who was the director of the CIA when intelligence learned that al-Qaeda may be planning a major attack on the U.S.?
(a) Christopher Chabris.
(b) Malcolm Gladwell.
(c) Baruch Fischhoff.
(d) George Tenet.

Short Answer Questions

1. Who introduced the term "affective forecasting"?

2. The author offers a scenario in which a subject purchases a $200 concert ticket to see their favorite band. They find that others are offering $3,000 for the ticket, but they do not sell it. What is this an example of?

3. In Chapter 31, the author posits that the main motivators of money-seeking individuals (aside for the very poor) are what?

4. In discussing vacations, the author presents the assertion that tourism is about what?

5. What psychologist conduted an experiment wherein he recruited fans of professional basketball and elicited judgments concerning the winner of the NBA playoffs?

(see the answer keys)

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