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

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

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

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

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

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

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

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