Question 1

People often estimate how a particular decision will affect them in the future. Which of the following is MOST likely to be true regarding people's ability to predict their own values?

Accepted Answer

The answer of People often estimate how a particular decision...

Question 2

Imagine you are a judge and are asked to determine sole custody of a child to one of two divorcing parents. Parent A is closer with the child and has a good job, but works long hours and often has to travel. Parent B has a reasonable rapport with the child and average income, works 9 to 5 and never travels. Based on previous research, you are MOST likely to choose _____ if asked to "award custody" and _____ if asked which parent you would "deny custody."

Accepted Answer

The answer of Imagine you are a judge and are...

Question 3

In the original version of the Wason four-card task, cards with A, 6, J, and 7 are shown. Participants must evaluate the rule "If a card has a vowel on one side, it must have an even number on the other side." People are very bad at performing this task, because they tend to:

Accepted Answer

People tend to pick cards that would confirm the rule, demonstrating a confirmation bias, rather than selecting cards that could potentially disprove the rule.

Question 4

According to utility theory, decisions are made that:

Accepted Answer

Utility theory suggests that decisions are made to maximize overall satisfaction or utility, which involves balancing costs and benefits to minimize any discrepancy between them.

Question 5

A rooster thinks it causes the sun to rise, because every morning the rooster crows and then the sun rises. This story illustrates which important point about reasoning?

Accepted Answer

This story illustrates the point that a belief can be confirmed hundreds of times, but still be false. The rooster believes that it causes the sun to rise because every morning it crows before the sun rises, but this belief is false.

Question 6

Even though reason-based choice has some flaws as a theory in that people don't always follow its rules, the book suggests it can be defended as a _____ of decision-making:

Accepted Answer

The answer of Even though reason-based choice has some flaws...

Question 7

When making a decision, we are often influenced by somatic markers. These are:

Accepted Answer

Somatic markers are bodily sensations, physical symptoms, or arousal that influence our decision-making process. They help us make choices based on past experiences and emotional responses associated with them. Therefore, option A is the correct answer. B, C, and D are not accurate explanations of somatic markers.

Question 8

Adam bets on the Super Bowl every year. He thinks he has a really good strategy for selecting the winning team, and most years he wins. In 2009, he bet on Arizona, but Pittsburgh won. How is Adam likely to remember this loss?

Accepted Answer

Adam is likely to remember the loss but rationalize it by attributing it to a specific event, such as an interception, rather than questioning his overall strategy.

Question 9

Deductive reasoning and inductive reasoning are similar in all of the following ways EXCEPT:

Accepted Answer

The answer of Deductive reasoning and inductive reasoning are similar...

Question 10

Which equation represents the way complex, multicomponent decisions would be made according to utility theory?

Accepted Answer

The equation for expected value in utility theory is calculated by multiplying the probability of each outcome by its utility and then summing up those values. Therefore, option B represents the way complex, multicomponent decisions would be made according to utility theory as it adds up the probabilities of outcomes and their respective utilities.

Question 11

Which of the following factors is consistent with utility theory and NOT reason-based decision-making?

Accepted Answer

Economic models are consistent with utility theory, which is a rational approach to decision-making based on maximizing expected utility. On the other hand, confirmation bias, System 1 thinking, and the representative heuristic are examples of how reason-based decision-making can be influenced by cognitive biases and heuristics, which can lead to suboptimal or irrational choices.

Question 12

Matt is given the following conditional statement: If A, then B
B is true.
Therefore, A is true.
Matt believes the conclusion is true. Is Matt correct?

Accepted Answer

The answer of Matt is given the following conditional statement:...

Question 13

Consider the following sentence: If Waffle has four legs and a tail, Waffle is a dog. In this sentence "has four legs and a tail" is _____ for the conclusion "Waffle is a dog."

Accepted Answer

Having four legs and a tail is neither necessary nor sufficient to conclude that Waffle is a dog, as many animals have these features.

Question 14

When trying to figure out a rule, most people seek to _____ their theory, but people who seek to _____ their theory are more likely to get the answer correct.

Accepted Answer

Most people tend to look for evidence that confirms their existing beliefs (confirmation bias), but those who actively seek to disconfirm their theories are more likely to arrive at the correct answer, as this approach tests the theory more rigorously.

Quiz 13: Reasoning: Thinking Through the Implications of What You Know