Cognitive Reflection Test (CRT) - Answer right for $5!
Think you’re smarter than any overpaid money manager? Take the test. Be the first registered member to reply with the correct answer to any one of the three short cognitive tests and I’ll send you $5 to your Paypal account!
I am going to be honest and tell you that I didn’t get one of the three questions correct but I don’t feel so bad. Shane Frederic (assistant professor at Massachusetts Institute of Technology) administered this Cognitive Reflection Test to 3,400 students, mostly in college from a dozen schools. The average score was a rather sad 1.24 correct answers out of 3. Students at the University of Toledo managed a pathetic average of 0.57. Even at MIT, most students got at least one answer wrong.
Try to answer all three questions within 90 seconds:
(1) A bat and a ball cost $1.10 in total. The bat costs $1 more than the ball. How much does the ball cost?
(2) If it takes five machines five minutes to make five widgets, how long would it take 100 machines to make 100 widgets?
(3) In a lake, there is a patch of lily pads. Every day, the patch doubles in size. If it takes 48 days for the patch to cover the entire lake, how long would it take for the patch to cover half of the lake?
The answers will be shown below in the comments section. I’ll give a little time to see if you can reply with the correct answers first. No Cheating! :)
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Written by Tim Schroeder on July 17th, 2006 with
8 comments.
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July 17th, 2006 at 6:55 pm
1. $1.05
2. 5 minutes
3.47 days
July 18th, 2006 at 9:23 am
Hi traineeinvestor,
You got 2 out of the 3 questions correct!
5 Minutes is the correct answer to question number 2 but the knee jerk reaction answer is 100. Each machine takes 5 minutes to make a widget, so 100 machines would get you 100 widgets in 5 minutes.
47 days is the correct answer to question number 3. The most common and wrong answer is 24
Can anyone get guestion 1 correct?
(traineeinvestor, please use our contact form to send me your Paypal email for the $5).
July 18th, 2006 at 11:14 am
1. $0.10
2. 5
3. 47
July 18th, 2006 at 11:21 am
Sorry Violet. That is also the wrong answer for question number 1. :)
July 18th, 2006 at 12:59 pm
1. 5 cents
July 18th, 2006 at 1:23 pm
Bravo! That’s correct Violet. 5 cents is the correct answer to question number 1. Consider two equations: 1.05+.05=1.10 and 1.05 -.05=1.00 (violet, please use our contact form to send me your Paypal email for the $5).
So in summary here are the correct answers:
1. 5 cents
2. 5 minutes
3. 47 days
July 18th, 2006 at 2:52 pm
That’s ok. I’m embarrased that I got it wrong the first time. Besides, I can’t find my PayPal info at the moment. Thanks anyway!
September 28th, 2007 at 5:28 pm
I don’t get it. How is it 5 cents? 10 cents and one dollar equal $1.10.