Social Media and Money
Cognitive Bias
Cognitive Bias 2
Cognitive Bias Examples
Fun stuff
100
Fill in the blank: Many people from the younger generation want to become social media________
A. people
B. influencers
C. artists
B. influencers
100
Fill in the blank: Everyone has cognitive _______ from time to time.
A. mistakes
B. biases
C. failures
B. biases
100
People tend to look for opinions/facts/videos that confirm their beliefs.
A. Endowment effect
B. Confirmation bias
C. Clarification bias
Confirmation bias
100
After eating one slice of pizza you feel really good, so you eat another slice of pizza. And then you eat another and another but then you start to feel sick. What bias is this called?
a. Law of sadness
B. Law of diminishing marginal utility
C. Law of decreased happiness
B. Law of diminishing marginal utility
100
Name one of the teams that will be in the Superbowl this year
Kansas City Chiefs and the Eagles
200
How do influencers get people to travel to exotic places?
A. They directly interact with their followers
B. They are paid by the hotels and then post pictures on their profile
C. They consult with the president of the country
B. They are paid by the hotels and then post pictures on their profile
200
This field of economics combines economics and psychology to study why people behave the way they do in the real world
a. Economics
b. Behavioral Economics
c. Psychological Economics
Behavioral Economics
200
The tendency to follow the crowd and do what everyone else is doing just because its popular.
A. Endowment effect
B. Bandwagon effect
C. Barnum effect
Bandwagon effect
200
What bias is this?
Blake’s friends are all going to a music concert. Blake hasn’t saved up enough money to buy the expensive tickets, but they are afraid they’ll miss out on the experience if they don’t go. They’re tempted to take out a personal loan to buy the tickets.
A. FOMO
B. Endowment effect
C. Social Norms
FOMO
200
Which food can never spoil?
A. Honey
B. Cheese
C. Nuts
A. Honey
300
True or False: Ads on social media are tailored to your specific interests and tastes
A. True
B. False
True
300
The tendency to put more value on things you already own
A. The Endowment Effect
B. Benjamin Franklin
C. Social Norms
Endowment effect
300
Tendency to regard losses as more important than gains. (You'd rather not lose than win...)
A. Illusion Explanatory Effect
B. Cashless Effect.
C. Loss Aversion
Loss aversion
300
Jackson wonders why he is always broke. His friend said that he always uses his credit card instead of cash. Which bias does Jackson exhibit?
A. Cashless effect
B. Credit card effect
A. Cashless effect
300
What is the national animal of Scotland?
a. A dragon
B. A unicorn
C. A sheep
B. A unicorn
400
Whats dangerous about "one-click shopping"?
A. its too difficult to buy things
B. its too easy to buy things
B. its too easy to buy things
400
The tendency to like someone more because you did them a favor
a. Hedonic Adaptation
b. Benjamin Franklin effect
C. Authority Bias
Benjamin Franklin
400
What bias does this ad utilize to sell toothpaste?
A. FOMO
B. Authority bias
C. Loss Aversion
B. Authority Bias
400
Mike works as a teacher. He makes about 3-4 decisions per minute. At the end of the day he is exhausted and has no energy to do anything. What type of bias is he at risk for?
A. Confirmation bias
B. Tried bias
C. Decision Fatigue
C. Decision Fatigue
400
What does the "www" before a website stand for?
A. Wide world web
B. World Wide web
C. Wonderful Wide web
B. World Wide web
500
How do social media companies not charge its consumers but still make profit?
A. They have ads
B. They use consumer data to then create tailored ads that are paid by companies
B. They use consumer data to then create tailored ads that are paid by companies
500
Paying without physical cash increase the likelihood that we purchase something. That is why paying with credit cards is dangerous.
A. Bandwagon effect
B. Cashless effect
C. Decision fatigue
Cashless effect
500
The tendency people have to be more confident in their own abilities
A. Self esteem bias
B. Overconfidence Bias
Overconfidence bias
500
Daniel has heard stories of how people invested in the stock market and lost lots of money when the market crashed. As a result, he’s decided he doesn’t want to invest at all since it seems so risky.
A. Wining bias
B. Loss Aversion
C. Authority Bias
Loss aversion
500
What is considered to be the oldest vegetable?
A. Potato
B. Leek
C. Pea
C. Pea
600
How can you overcome not over spending on social media?
answers may vary
600
A classic example of this bias is reading a horoscope and believing that the vague personality descriptions apply to you when they can apply to anyone.
A. Barnum effect
B. Bandwagon effect
C. Endowment effect
Barnum effect
600
What bias does this ad show?
A. Barnum Effect
B. Social Norms
C. Loss Aversion
Loss aversion
600
Why does buying something for $999.99 feels cheaper than buying something for $1,000? Additionally why do you think companies do this?
Answers may vary
600
What country is the famous dessert "gelato" from?
A. Germany
B. France
C. Italy
C. Italy