Quiz: Behavioural Biases - Rules of Thumb and Anchoring
AQA A level economics 7136 specification
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Building on what you've learned about decision-making and bounded rationality, let's test your understanding of behavioural biases, focusing on rules of thumb and anchoring!
Which of the following describes a rule of thumb in decision-making?
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Which of the following are examples of anchoring? (Select all that apply)
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Anchoring is the tendency to rely on the {{blank0}} piece of information as a reference point, even if it is {{blank1}}.
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How can anchoring lead to suboptimal decision-making?
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Which factors can encourage the use of rules of thumb? (Select all that apply)
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What is a key difference between rules of thumb and rational decision-making?
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