CAASPP Success - Grade 11 Reading Comprehension - Expository #1
5101520
Question 1a
Hyperbolic Discounting
Endowment Effect
Prospect Theory
Supply and Demand
Question 1b
People are always rational in their decisions.
Gains and losses are valued equally.
Loss aversion.
Procrastination.
Question 1c
Question 1d
Loss aversion causes irrational choices.
Immediate rewards are often preferred over future gains.
People value ownership more than market value.
Rational decisions maximize utility.
Question 1e
People always make rational decisions to maximize utility.
Decisions are often based on perceived gains rather than actual outcomes.
Individuals prefer long-term rewards over immediate ones.
Economic models should always reflect market value.
Question 1f
Choosing to sell a house at market value.
Listing an old car at a high price due to emotional attachment.
Choosing an expensive dinner over saving for a future expense.
Refusing to sell stocks at a perceived loss.
Question 1g
People value gains and losses differently.
Ownership inflated the subjective value of an object.
People often prioritize immediate rewards over future gains.
Market value should dictate the worth of an object.
Question 1h
Question 1i
People value objects more when they own them.
People prioritize long-term plans over short-term rewards.
Individuals make rational decisions based on utility.
People are indifferent to owning personal possessions.
Question 1j
Prospect Theory
Endowment Effect
Hyperbolic Discounting
Rational Choice Theory
Question 1k
Sellers offer fair market prices for items.
Sellers inflate prices due to personal attachment.
Buyers and sellers agree on item value.
Items are sold quickly at reasonable prices.
Question 1l
Exponential Discounting
Loss Aversion
Market Value
Ownership Preference
Question 1m
Ownership decreases the subjective value of an object.
People are indifferent to the objects they own.
Ownership inflates the subjective value, making selling difficult.
People prefer objects with market-dictated values.
Question 2a
Hesitating to sell a stock at a loss.
Assigning higher value to personal belongings.
Prioritizing immediate rewards.
Making rational economic decisions.
Question 2b
"Loss aversion, which implies that the pain of losing something is more intense than the pleasure of gaining something of equal value."
"Those who owned the mug demanded a significantly higher price to part with it than what those without a mug were willing to pay for it."
"Participants were given two scenarios: one where they could win $100 with a 50% probability or win $50 outright."
"This theory plays out in everyday scenarios like overpricing a used car simply because it belongs to you."
Teach with AI superpowers
Why teachers love Class Companion
Import assignments to get started in no time.
Create your own rubric to customize the AI feedback to your liking.
Overrule the AI feedback if a student disputes.