1. ____________ is an action based on thoughts without thinking, with reaction forming its essence.

Reflective reasoning

Reflexive reasoning

Reactive reasoning

Critical reasoning

16. Rakesh plans to go for a vacation next year. He starts saving every month for this and keeps the money in a cash box. While he also has credit cards on which he incurs interest. Which bias may have caused this behaviour?

Mental accounting

Risk Aversion bias

Availability bias

There is no bias, this is just a plan.

25.Which of the following statements is/are true as per the Prospect Theory?

- People are always drawn to the riskiest alternative when making decision.

- People are much more sensitive to gains than to losses.

- People should be unwilling to accept bets involving potential losses, even though the potential gains outweigh the potential losses.

- Men make more decisions than women.

26."Our Burgers are 90% lean" is same as "our Burgers are 10% fat". However people have different perceptions related to the above two expressions. Which of the following effects explains this phenomenon?

Framing effect

Endowment effect

Conformation effect

Disposition effect

27. When presented with a choice, people are most likely to opt for the current default option. Which of these biases explains this state of mind?

Confirmation Bias

Framing Bias

Loss Aversion Bias

Status Quo Bias

28. Apple Inc. advises its showrooms to let visitors touch and use all the products on display without any time-limit. It also asks its staff not to force anyone to leave just because they don't seem to be buying anything. What kind of effect/bias is the company trying to create in the minds of its showroom visitors?

Status quo bias

Endowment effect

Confirmation bias

Home Bias

29. "You should visit the restaurant which is always crowded". This statement is an example of

Confirmation bias

Anchoring bias

Status quo bias

Herding bias

31. The findings of BeFi Barometer 2020 study cannot be considered conclusive because of the........

Sample size

Method of study adopted

Timing of the study

Constraints faced by the researchers

32. _________ is a psychological interaction where individuals keep their past perspectives or forecasts at the expense of perceiving new data.

Status-quo bias

Endowment effect bias

Conservatism bias

Representativeness Bias

34. The gambler's fallacy refers to a belief that....

Is an outcome has just occurred it becomes less likely to occur in the immediate future

If an outcome has just occurred it becomes more likely to occur in the immediate future.

They would be luckier if they repeat a familiar activity rather than starting a new one.

There is no connection between the activity and its outcome.

35. In situations of loss aversion, the...............(part of our brain), becomes active when we feel a gain or a loss, but seems to be inclined towards avoiding losses.

Amygdala

Striatum

Insula

Cranium

unanswered