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This test consists of 5 multiple choice questions, 5 short answer questions, and 10 short essay questions.
Multiple Choice Questions
1. Who coined the term "Econs and Humans"?
(a) Bruno Frey.
(b) Richard Thaler.
(c) Gary Klein.
(d) John Gottman.
2. How is the decision contruction of narrow framing defined?
(a) A single decision with four options.
(b) Two simple decisions, considered separately.
(c) A single decision with two options.
(d) Four simple decisions, considered separately.
3. In Introduction to the Principles of Morals and Legislation, the author points out that "Nature has placed mankind under the governance of two sovereign masters" (728). What are these masters defined as?
(a) Pain and pleasure.
(b) Math and biology.
(c) Science and cognitive reasoning.
(d) Logic and emotion.
4. Given the following information, what percentage of respondents answered Mr. Brown? "Mr. Brown almost never picks up hitchhikers. Yesterday he gave a man a ride and was robbed" and "Mr. Smith frequently picks up hitchhikers. Yesterday he gave a man a ride and was robbed" (666)?
(a) 95%.
(b) 45%.
(c) 16%.
(d) 88%.
5. The author states in Chapter 25, "Gambles represent the fact that the consequences of choices are" what (526)?
(a) "Foreseeable."
(b) "Never certain."
(c) "Axioms."
(d) "Predictable."
Short Answer Questions
1. Who designed the study along with Kahneman that involves two patients undergoing a painful colonoscopy?
2. In utility theory, the utilty of a gain is assessed by comparing what?
3. Who wrote the article "The Robust Beauty of Improper Linear Models in Decision Making"?
4. Who is the author of Introduction to the Principles of Morals and Legislation?
5. 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 A?
Short Essay Questions
1. How does the author describe regret in economics?
2. Why was Kahneman astonished upon reading an essay by Bruno Frey?
3. How do prospect theory and utility theory differ?
4. What is the endowment effect?
5. What is hindsight bias?
6. What is the expected utility hypothesis?
7. What is an illusion of skill?
8. What evidence was presented by Ed Diener and his team when examining vacations?
9. Why does Kahneman cite the book Expert Political Judgment: How Good Is It? Who wrote this book?
10. What is flow?
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This section contains 779 words (approx. 3 pages at 300 words per page) |
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