Cognitive Reflection Test CRT and Decision-Making 5

Question 1

The 'framing effect' in decision-making refers to what?

Accepted Answer

Choices changing based on how options are worded

Answer

A picture influencing memory

Answer

Time pressure altering answers

Answer

Anchoring on numbers

Question 2

If you overtake the person in second place in a race, what position are you now in?

Accepted Answer

Second

Answer

First

Answer

Third

Answer

Tied for first

Question 3

CRT performance is often studied because it predicts susceptibility to what?

Accepted Answer

Believing fake news and misinformation

Answer

Physical illness

Answer

Musical ability

Answer

Color blindness

Question 4

A farmer had 15 sheep, and all but 8 died. How many are left?

Accepted Answer

8

Answer

7

Answer

15

Answer

0

Question 5

The tendency to judge likelihood by how easily examples come to mind is which bias?

Accepted Answer

Availability heuristic

Answer

Anchoring

Answer

Confirmation bias

Answer

Sunk cost fallacy

Question 6

Continuing to invest in a failing project because of money already spent is called what?

Accepted Answer

Sunk cost fallacy

Answer

Framing effect

Answer

Halo effect

Answer

Recency bias

Question 7

What is the key practical lesson the CRT teaches about decision-making?

Accepted Answer

Pause and question intuitive answers before committing

Answer

Always trust your first instinct

Answer

Decisions should be made instantly

Answer

Math skills alone prevent errors