Cognitive Reflection Test Identifying Cognitive Traps 3 — Questions and Answers
Question 1: Judging that plane crashes are common because they are memorable and vivid reflects which trap?
- Availability heuristic (Correct answer)
- Sunk cost fallacy
- Framing effect
- Base rate neglect
Correct answer: Availability heuristic
The availability heuristic overweights events that come easily to mind.
Question 2: Continuing a failing project only because you already invested money is which cognitive trap?
- Sunk cost fallacy (Correct answer)
- Anchoring
- Halo effect
- Recency bias
Correct answer: Sunk cost fallacy
The sunk cost fallacy keeps you committed based on unrecoverable past investment.
Question 3: Ignoring that a disease is rare when interpreting a positive test reflects which error?
- Base rate neglect (Correct answer)
- Confirmation bias
- Optimism bias
- Gambler's fallacy
Correct answer: Base rate neglect
Base rate neglect ignores the underlying prevalence when judging probability.
Question 4: Believing a coin is 'due' for heads after five tails is which fallacy?
- Gambler's fallacy (Correct answer)
- Hot-hand fallacy
- Survivorship bias
- Framing effect
Correct answer: Gambler's fallacy
The gambler's fallacy assumes independent events influence each other.
Question 5: Relying too heavily on the first number you hear when estimating a value is which trap?
- Anchoring bias (Correct answer)
- Availability heuristic
- Sunk cost fallacy
- Confirmation bias
Correct answer: Anchoring bias
Anchoring makes an initial reference point distort later judgments.
Question 6: Only noticing successful companies while ignoring failed ones is which bias?
- Survivorship bias (Correct answer)
- Recency bias
- Halo effect
- Anchoring
Correct answer: Survivorship bias
Survivorship bias focuses on winners while the failures are invisible.
Question 7: Seeking only evidence that supports what you already believe is which trap?
- Confirmation bias (Correct answer)
- Base rate neglect
- Framing effect
- Sunk cost fallacy
Correct answer: Confirmation bias
Confirmation bias favors information that agrees with existing beliefs.
Cognitive Reflection Test Identifying Cognitive Traps 3
Judging that plane crashes are common because they are memorable and vivid reflects which trap?