Cognitive Reflection Test Heuristics and Common Biases 2 — Questions and Answers
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?
- $0.10
- $0.05 (Correct answer)
- $1.00
- $0.15
Correct answer: $0.05
The ball is $0.05 and the bat is $1.05, which is $1.00 more and totals $1.10.
Question 2: Judging that plane crashes are common because they are heavily reported in the news is an example of which heuristic?
- Anchoring
- Availability heuristic (Correct answer)
- Representativeness
- Framing
Correct answer: Availability heuristic
The availability heuristic estimates likelihood by how easily examples come to mind.
Question 3: Assuming a quiet, book-loving person is more likely a librarian than a farmer, despite far more farmers existing, reflects which bias?
- Base-rate neglect (Correct answer)
- Sunk cost fallacy
- Loss aversion
- Recency bias
Correct answer: Base-rate neglect
Base-rate neglect ignores the underlying population frequencies in favor of a stereotype.
Question 4: Estimating a value by starting from an initial number and adjusting insufficiently describes:
- Anchoring and adjustment (Correct answer)
- Confirmation bias
- Hindsight bias
- Gambler's fallacy
Correct answer: Anchoring and adjustment
Anchoring occurs when an initial reference point overly influences the final estimate.
Question 5: If a fair coin lands heads five times in a row, believing tails is now 'due' is an example of:
- The gambler's fallacy (Correct answer)
- The hot-hand fallacy
- Availability
- Anchoring
Correct answer: The gambler's fallacy
Each independent coin flip has a 50% chance regardless of previous outcomes.
Question 6: Preferring a treatment described as '90% survival' over one described as '10% mortality,' though identical, demonstrates:
- Framing effect (Correct answer)
- Base-rate neglect
- Overconfidence
- Anchoring
Correct answer: Framing effect
The framing effect shows choices shift based on how equivalent options are worded.
Question 7: The Cognitive Reflection Test primarily measures a person's tendency to:
- Recall factual knowledge
- Override an intuitive wrong answer with reflection (Correct answer)
- Solve problems quickly
- Perform mental arithmetic under time pressure
Correct answer: Override an intuitive wrong answer with reflection
The CRT gauges whether people suppress a tempting but incorrect gut response and reason further.
Cognitive Reflection Test Heuristics and Common Biases 2
A bat and a ball cost $1.10 together.
The bat costs $1.00 more than the ball.
How much does the ball cost?