A) The tendency of people to value something more once they own it
B) The influence of the first piece of information encountered when making decisions
C) The belief that past outcomes were foreseeable
D) The preference for outcomes that are certain over uncertain ones

A) The tendency to follow the crowd without critical thinking
B) The preference for maintaining the status quo
C) The fear of missing out on opportunities
D) The tendency for individuals to overestimate their abilities and knowledge

A) Choice overload
B) Framing effect
C) Recency bias
D) Loss aversion

A) People make decisions based on the context in which options are presented
B) People tend to overestimate the probability of rare events
C) People favor choosing the default option
D) People are more sensitive to losses than gains of the same value

A) By limiting the number of options available to individuals
B) By disregarding the emotional aspects of decision-making
C) By making certain options more prominent or noticeable, influencing choices
D) By forcing people to comply with regulations without question

A) The endowment effect
B) Confirmation bias
C) Anchoring effect
D) Recency bias

A) The tendency to conform to social norms in decision-making
B) The idea that people's decision-making is limited by cognitive constraints and biases
C) The belief that people always make perfectly rational decisions
D) The practice of making decisions with limited information

A) People tend to follow social norms
B) People seek out information that confirms their existing beliefs while ignoring contradictory evidence
C) People are more likely to make a decision when presented with limited options
D) People assign different values to the same object based on ownership