Lesson 4.1.2.3

4.1.2.3 Aspects of behavioural economic theory Quiz: AQA Economics, Unit 1

20 questions

Written by Revision Ninja · Last reviewed 11 October 2026

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Lesson 4.1.2.3, Aspects of behavioural economic theory: 20 multiple choice questions for the AQA Economics (7136), Unit 1: Individuals, firms, markets and market failure, written with Revision Ninja.

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The 20 questions

  1. What concept describes consumer decision-making being restricted by time, information, and cognitive limits?

    • Bounded rationality
    • Utility maximisation
    • Perfect rationality
    • Bounded self-control

  2. Which term describes an individual's limited ability to resist short-term temptations over long-term goals?

    • Bounded rationality
    • Anchoring bias
    • Bounded self-control
    • Social norms

  3. Which bias occurs when individuals rely disproportionately on the first piece of information received?

    • Framing bias
    • Availability bias
    • Confirmation bias
    • Anchoring bias

  4. Which bias leads individuals to judge event likelihood based on how easily examples are recalled?

    • Availability bias
    • Anchoring bias
    • Confirmation bias
    • Framing bias

  5. A consumer who buys extra insurance after hearing about a recent flood in the news is most likely showing:

    • anchoring bias.
    • altruism.
    • availability bias.
    • bounded self-control.

  6. What term describes cognitive shortcuts that simplify decision-making but can lead to systematic errors?

    • Bounded self-control
    • Social norms
    • Altruism
    • Heuristics

  7. A consumer buys the second-cheapest wine to save time evaluating options. Which concept is shown?

    • Anchoring bias
    • Altruism
    • Availability bias
    • Heuristic

  8. Which concept describes economic decisions being strongly influenced by the behaviour and expectations of peers?

    • Bounded rationality
    • Altruism
    • Availability bias
    • Social norms

  9. What term describes unselfish concern for the welfare of others influencing economic behaviour?

    • Bounded self-control
    • Utility maximisation
    • Anchoring
    • Altruism

  10. Rejecting an unfair wage offer despite having no better income alternative demonstrates what concept?

    • Availability bias
    • Perceptions of fairness
    • Bounded rationality
    • Rules of thumb

  11. Traditional economic theory assumes that consumers act as what?

    • Bounded decision makers
    • Irrational economic agents
    • Purely altruistic helpers
    • Rational utility maximisers

  12. Seeing a jacket reduced from £300 to £150 makes £150 look cheap due to what bias?

    • Anchoring bias
    • Social norm
    • Bounded self-control
    • Availability bias

  13. Why might consumers overspend today rather than save adequately for retirement?

    • Altruism
    • Perfect information
    • Availability bias
    • Bounded self-control

  14. Giving money to charity without expecting any direct personal return is an example of what?

    • Bounded self-control
    • Altruism
    • Rational self-interest
    • Anchoring

  15. Which concept suggests consumers possess limited cognitive capacity and time to process all available information?

    • Perfect rationality
    • Utility maximisation
    • Bounded rationality
    • Complete information

  16. A firm sets a high recommended price on a product so that buyers will see later discounts as good value. Which behavioural idea is being exploited?

    • Anchoring.
    • Diminishing marginal utility.
    • Opportunity cost.
    • Economies of scale.

  17. Media coverage of rare plane crashes causing people to avoid flying illustrates which cognitive bias?

    • Anchoring bias
    • Social norm
    • Bounded self-control
    • Availability bias

  18. Behavioural economics challenges which key assumption of traditional microeconomic theory?

    • Diminishing returns
    • Profit maximisation
    • Consumer rationality
    • Scarcity

  19. Buying a product because friends or neighbours do so demonstrates which economic concept?

    • Rules of thumb
    • Altruism
    • Anchoring
    • Social norms

  20. How does an automatic savings plan help a consumer with bounded self-control?

    • Removes banking fees
    • Locks in saving
    • Maximises current income
    • Eliminates inflation risk

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