영어 모의고사 (자동 편성)

A striking proportion of individual investors believe their own stock-picking ability to be above average, a statistical impossibility given that only half of any population can genuinely outperform the rest, yet a pattern that ①persists with remarkable consistency across surveys. This tendency, known as overconfidence bias, leads investors ②to trade more frequently than a more cautious assessment of their own skill would justify. Extensive research comparing the trading records of numerous individual accounts has demonstrated that investors who trade most frequently ③tends to earn substantially lower returns than those who trade rarely, largely because transaction costs accumulate and because frequent trading often reflects overconfident reactions to short-term noise rather than genuine insight. Overconfidence also manifests in the tendency to underestimate the range of possible outcomes, ④causing investors to concentrate their holdings in a small number of assets they feel certain about rather than diversifying across a broader portfolio. Paradoxically, then, the very confidence that motivates investors to act decisively often ⑤undermines the outcomes they are trying to achieve.

Standard economic theory assumes that money is fungible, meaning that a dollar earned as salary is functionally identical to a dollar received as a tax refund or won in a lottery. In practice, however, people routinely sort their finances into separate mental accounts, ①treating money differently depending on its source or intended purpose, a process economists call mental accounting. A household that would never dip into its retirement savings to pay for a vacation might nonetheless spend an unexpected bonus on that very trip without hesitation, even though both sums ②are, in strictly financial terms, equally available for either purpose. This compartmentalization can produce decisions that appear inconsistent when viewed through a purely rational lens: the same individual who diligently saves a portion of every paycheck may simultaneously ③carrying high-interest credit card debt, effectively paying more to borrow than they earn on their savings. Mental accounting is not always harmful, however; by assigning specific categories to specific funds, individuals can also impose useful discipline on their spending, ④preventing money earmarked for essential needs from being diverted toward impulsive purchases. The practice thus reveals that financial behavior is guided less by pure arithmetic than by psychological categories that individuals ⑤impose on money's origin and purpose.

Blockchain technology was originally promoted as a way ①to remove the need for trusted middlemen, allowing strangers to exchange value directly and verify transactions through a shared, tamper-resistant ledger rather than through a bank or government agency. In theory, this design ②distributes power away from any single institution and toward the network as a whole. In practice, however, a small number of large players have come to dominate many blockchain networks, ③controlled enough computing power or currency to influence outcomes that were supposed to be decided collectively. Critics note a further irony: when something goes wrong, there is often no institution left ④to appeal to, since the entire system was designed precisely to eliminate that kind of central authority. Whether decentralization can survive this concentration of power ⑤remains one of the technology's most unresolved questions.

When sociologist Émile Durkheim studied suicide rates across different societies, he noticed something ①puzzling: rates rose not only during economic depression but also during sudden prosperity. He concluded that both crises share a common feature, the ②collapse of shared norms that once told individuals what to expect and how to behave. Durkheim called this state of normlessness anomie, arguing that rapid social change can ③strengthen the moral guidelines that regulate human desire, leaving individuals disoriented even when material conditions improve. Decades later, Robert Merton extended the concept to explain deviance within stable societies, proposing that anomie also arises when a culture insists that everyone pursue ④identical goals, such as wealth, while denying many people the legitimate means to achieve them. Anomie theory therefore suggests that crime is less a product of individual failure than of ⑤structural imbalance within society itself.

Why do people often ①overvalue objects they have partly built themselves, even when the finished product is objectively ②inferior to something they could have simply purchased? This puzzle, which researchers named after a furniture retailer famous for selling items that require home assembly, challenges the standard economic assumption that value is determined solely by an object's inherent qualities. In a series of experiments, participants who assembled a plain storage box were willing to pay nearly as much for their own ③imperfect creation as they were for a professionally built version, despite being fully aware of its flaws. Labor, it seems, functions as a kind of psychological investment: once effort has been poured into a task, individuals become ④reluctant to judge the outcome objectively, because doing so would require admitting that their effort was partly wasted. This tendency helps explain why consumers often prefer products that demand some degree of personal assembly, even when a comparable finished item is available at a ⑤higher price and requires no time investment whatsoever.

Anyone who has tried to name the ink color of a word like red printed in blue letters knows how surprisingly difficult the task can feel. This everyday struggle, known as the Stroop effect, deserves more attention than casual curiosity grants it, because it reveals something fundamental about how the mind allocates its limited resources. Reading a familiar word is an automatic process practiced so extensively since childhood that it proceeds almost involuntarily, whereas naming a color requires deliberate, controlled attention. When these two processes point toward conflicting answers, _______________. Educators should not dismiss this delay as a trivial curiosity confined to laboratories, since the same competition between habit and intention underlies far more consequential situations, such as a driver's struggle to resist checking a phone despite knowing the danger. Recognizing how automatic responses can hijack conscious intentions is essential for designing environments, from classrooms to highways, that support rather than undermine our efforts at self-control.

Imagine two travelers preparing for the same trip: one refuses to fly after watching news coverage of a recent plane crash, while the other books a flight without hesitation. Statistically, air travel remains far safer than driving the same distance by car, yet vivid, emotionally charged images tend to dominate human judgment more powerfully than dry statistics ever could. This tendency, in which people estimate how likely an event is based on _______________, quietly shapes countless everyday decisions. News broadcasts that repeatedly feature rare disasters can leave viewers convinced that such events are common, even though official records clearly show the opposite. Advertisers and politicians alike exploit this pattern, knowing that a single striking anecdote often persuades audiences more effectively than pages of careful statistics ever manage to.

Social media platforms rarely show users a neutral stream of information. Instead, recommendation algorithms are optimized to maximize engagement, and content that provokes strong emotion tends to hold attention longer than balanced reporting ever could. Some platforms have experimented with reducing the visibility of outrage-driven content, only to see user engagement drop, which reveals _______________.

Generative AI systems learn to write, draw, and compose by studying enormous collections of existing human work, much of which was created without the artists' knowledge or consent. (A) Critics respond that the comparison breaks down at scale, since a single AI model can absorb millions of works in days and compete with the very artists who trained it. (B) Supporters of the technology argue that this process resembles how a human student learns by studying the masters. (C) Courts around the world are now being asked to decide whether training an algorithm on copyrighted material counts as fair use or as infringement.

주어진 문장: This curvature reflects a broader principle: sensitivity to change diminishes as the underlying quantity grows, whether that quantity represents a gain or a loss. Prospect theory proposes that the subjective value of money is not a straight line but a curved function, differing sharply from the assumptions of classical economic models. ( ① ) In the domain of gains, the function bends downward as amounts increase, so the psychological difference between earning zero and one hundred dollars feels far greater than between earning one thousand and eleven hundred. ( ② ) A parallel pattern appears among losses, where the curve bends in the opposite direction, yet sensitivity still fades as the amount grows larger. ( ③ ) This tendency, known as diminishing sensitivity, explains why a shopper barely notices a ten dollar increase on a two thousand dollar purchase, though the same ten dollars would matter enormously as the price of a meal. ( ④ ) Researchers illustrate this curvature with graphs shaped like an S turned sideways, sloping gently near the center and flattening toward both extremes. ( ⑤ ) Understanding this curvature allows economists to predict decisions that a simple, linear model of value could never anticipate.