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Decision Boss: Round 1
Test Description: Let's knock out the Decision Boss in this first round!
Instructions: Answer all questions to get your test result.
1) The _______ ______ views consumers as rational humans who constantly try to maximize their well-being. Consequently, the model proposes that consumers make decisions based on the expected outcomes of their decisions.
A
Utility model
B
Satistying model
C
Satisficing model
D
Unity model
2) _________ effect refers to when people put higher values on things they own.
A
Endowment
B
Prospect theory
C
Prospective theory
D
Endownment
3) ________ ______ suggests that costs and benefits are valued differently. If there are two options, the one presented in terms of possible benefits will be chosen over the one presented in terms of possible losses.
A
Prospective theory
B
Involving theory
C
Prospect theory
D
Involvement theory
4) Which of the following is NOT a non-compensatory strategy?
A
Satisficing
B
Frequency of good and bad features
C
Elimination by aspects
D
Lexicographic
5) Which of the following is NOT a heuristic?
A
availability
B
anchoring
C
confirmatory
D
representativeness
6) _________ refers to the tendency to rely on the first piece of information that is provided to you; when estimates are based on initial values or certain starting points
A
anchoring bias
B
representativeness heuristic
C
availability heuristic
D
confirmation bias
7) _______ __ __ reported five experiments to show how a simple anchoring process can influence consumer decisions at point of purchase.
A
Hall et al
B
Wansink et al
C
Braun-LaTour et al
D
Knutson et al
8) Which of the following is NOT relevant to Braun-LaTour et al?
A
Mickey Mouse
B
Disney
C
MCU
D
Bugs Bunny
9) Which of the following is NOT relevant to Hall et al?
A
Sweden
B
college students
C
supermarket
D
jam and tea
10) Which of the followign is NOT relevant to Knutson et al?
A
NACP
B
NAcc
C
MPFC
D
insula
11) The utility model does NOT suggest that ...
A
Consumers make decisions based on the expected outcomes of their decisions.
B
Consumers are viewed as rational humans.
C
Consumers typically try to maximize their well-being.
D
Consumers typically try to get sufficient results and that's it.
12) Which of the following is NOT true about the satisficing model?
A
It is a combination of satisfy and suffice.
B
It proposes that consumers often accept good enough.
C
One consequence of this model is that consumers tend to obsess over other options.
D
It proposes that consumers tend to be happier with outcomes.
13) ... refer to when consumers allow a higher value of one attribute of a purchase to compensate for a lesser value.
A
Compensatory strategies
B
Compensation strategies
C
Non-compensatory strategies
D
Partially compensatory strategies
14) ... suggests that a person typically creates a shortlist of items to choose from when making his/her decision, based on his experience, preferences, and familiarity with the products.
A
Consideration theory
B
Elimination by aspects
C
Lexigraphic
D
Involvement theory
15) ... suggests how much cognitive effort we use would depend on how important that decision is to us.
A
Involvement theory
B
All of the answer choices
C
Majority of conforming dimensions
D
Frequency of good and bad features
16) What is a common use of heuristics?
A
Simplify complex and difficult questions
B
Reduce mental effort when making decisions
C
Help with fast and effective problem solving
D
All of the answer choices
17) ... occurs when we deem something as important just because it has our attention.
A
Representativeness heuristic
B
Confirmation bias
C
Availability heuristic
D
Anchoring bias
18) Which of the following is NOT a keyword/phase from Wansink et al?
A
multiple-unit pricing
B
selling anchors
C
pre-cognitive decisions
D
purchase-quantity limits
19) Which of the following is NOT a keyword/phrase from Knutson et al?
A
pre-cognitive decisions
B
NAcc, MPFC, insula
C
emotional intensity
D
neural predictors of purchases
20) System 1 ... whereas System 2 ...
A
... involves fast thinking ... involves slow thinking
B
... usually wins in decision making ... rarely gets turned on
C
... uses associations ... is conscious and effortful
D
All of the answer choices
*select an answer for all questions
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