Which word or phrase means: after a certain point, investing more money (or effort) does not lead to increased benefits, and, notwithstanding the objective risk, may even have an adverse impact?
4A Reading and Vocabulary Behavioural Economics and your daily life
Hard sell · Advanced English
Subunit questions
Question 1
A
law of diminishing returns
B
present bias
C
cancel out
D
dispassionate
Question 2
Which word or phrase means: the idea that because you have already invested time or money in something, you should persist with it no matter what?
A
law of diminishing returns
B
present bias
C
cancel out
D
sunk-cost fallacy
Question 3
Which word or phrase means: people have a tendency to overvalue immediate rewards over long-term payoffs?
A
cancel out
B
present bias
C
dispassionate
D
bear in mind
Question 4
Which word or phrase means: an idea that is often believed to be true, but which is, in fact, false?
A
sunk-cost fallacy
B
law of diminishing returns
C
present bias
D
fallacy
Question 5
Which word or phrase means: take into account?
A
bear in mind
B
propensity
C
pitfall
D
persevere
Question 6
Which word or phrase means: objective?
A
dispassionate
B
bear in mind
C
propensity
D
pitfall
Question 7
Which word or phrase means: outweigh?
A
dispassionate
B
bear in mind
C
propensity
D
cancel out
Question 8
Which word or phrase means: tendency?
A
pitfall
B
persevere
C
propensity
D
detrimental
Question 9
Which word or phrase means: damaging?
A
detrimental
B
notion
C
fallacy
D
sunk-cost fallacy
Question 10
Which word or phrase means: persist?
A
persevere
B
detrimental
C
notion
D
fallacy
Question 11
Which word or phrase means: concept?
A
fallacy
B
notion
C
sunk-cost fallacy
D
law of diminishing returns
Question 12
Which word or phrase means: trap?
A
persevere
B
pitfall
C
detrimental
D
notion
A preview of “4A Reading and Vocabulary Behavioural Economics and your daily life” from the unit “Hard sell” in Advanced English: 2 lesson sections, 12 definitions, 12 worked questions.
Source: NCCD, 4A Reading and Vocabulary: Behavioural Economics and your daily life (pp.32-33)
