1) What term refers to the fact that people have beliefs and seek out evidence that confirms their beliefs, they also forget disconfirming evidence?

2) Explain the term "belief perseverance" as it was described in class.

3) Explain, in general, the "utility theory" of decision making.

4) Why do we have to use "subjective utility" to make decisions (think apples and oranges)?

5) What is equal to: (probability of a particular outcome)x(utility of the outcome)? (this is used when a risk is associated with a decision)

6) If I offer to sell you a lottery ticket for $5, and it gives you a 1/100 chance of winning $200, what is the expected value of the ticket? If you are only interested in making money, should you buy the ticket?

7) In general, are people more risk aversive or more risk seeking when questions are framed in terms of losses?

8) In general, are people more risk aversive or more risk seeking when questions are framed in terms of gains?

9) Give an example of a situation where a propagandist might use framing to manipulate public opinion.

10) What term refers to the fact that we tend to change our beliefs to fit with what we say and do (if we do not get enough external reward)?