Cognitive Reflection Test Heuristics and Common Biases 2

Question 1

A bat and a ball cost $1.10 together. The bat costs $1.00 more than the ball. How much does the ball cost?

Accepted Answer

$0.05

Answer

$0.10

Answer

$1.00

Answer

$0.15

Question 2

Judging that plane crashes are common because they are heavily reported in the news is an example of which heuristic?

Accepted Answer

Availability heuristic

Answer

Anchoring

Answer

Representativeness

Answer

Framing

Question 3

Assuming a quiet, book-loving person is more likely a librarian than a farmer, despite far more farmers existing, reflects which bias?

Accepted Answer

Base-rate neglect

Answer

Sunk cost fallacy

Answer

Loss aversion

Answer

Recency bias

Question 4

Estimating a value by starting from an initial number and adjusting insufficiently describes:

Accepted Answer

Anchoring and adjustment

Answer

Confirmation bias

Answer

Hindsight bias

Answer

Gambler's fallacy

Question 5

If a fair coin lands heads five times in a row, believing tails is now 'due' is an example of:

Accepted Answer

The gambler's fallacy

Answer

The hot-hand fallacy

Answer

Availability

Answer

Anchoring

Question 6

Preferring a treatment described as '90% survival' over one described as '10% mortality,' though identical, demonstrates:

Accepted Answer

Framing effect

Answer

Base-rate neglect

Answer

Overconfidence

Answer

Anchoring

Question 7

The Cognitive Reflection Test primarily measures a person's tendency to:

Accepted Answer

Override an intuitive wrong answer with reflection

Answer

Recall factual knowledge

Answer

Solve problems quickly

Answer

Perform mental arithmetic under time pressure