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

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?

Accepted Answer

Availability heuristic

Answer

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?

Accepted Answer

Base-rate neglect

Answer

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:

Accepted Answer

Anchoring and adjustment

Answer

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:

Accepted Answer

The gambler's fallacy

Answer

Each independent coin flip has a 50% chance regardless of previous outcomes.

Cognitive Reflection Test Practice Test