1. One consequence of the ‘representativeness heuristic’ is a tendency to make mistakes in judgment due to…
a. paying too much attention to vivid information
b. not understanding the idea of ‘reversion to the mean’
c. being risk-averse in the domain of losses
d. using mental stereotypes to characterize people
e. being risk-seeking in the domain of gains
f. forgetfulness
2. Wendell, an analyst at McKinsey, is studying how middle class families decide where to go for summer vacation. He’s obtained a list of customers who stayed at the Ritz Carleton Hotel in New York last year, and he’s going to call and interview them by phone. What type of market research error is Wendell making?
a. random error
b. measurement error
c. frame error
d. quantitative error
e. technical error
f. human error