Quiz: Behavioural Economics — Why Consumers Aren’t Always Rational
Pearson Edexcel Level 3 Advanced GCE in Economics A (9EC0)
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Building on what you've learned about rational decision-making, let's explore behavioural economics and why consumers don’t always act rationally!
Which of the following is an example of irrational consumer behaviour?
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Which of the following factors can influence irrational consumer behaviour? (Select all that apply)
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Consumers may deviate from rational behaviour due to {{blank0}}, such as following trends, and {{blank1}}, like preferring familiar brands.
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Match the items on the left with their correct pairs on the right
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What does 'loss aversion' mean in behavioural economics?
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Consumers sometimes rely on {{blank0}}, using emotional shortcuts instead of logical analysis when making decisions.
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If a consumer values an item at £30 but avoids buying it due to a perceived loss of £40, what is the net emotional impact?
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Match the items on the left with their correct pairs on the right
Which behavioural concept explains why people prefer small immediate rewards over larger future ones?
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Which of the following are examples of irrational decision-making? (Select all that apply)
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