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Decision-Making and Cognitive Biases Quiz

#1

Which cognitive bias involves placing undue importance on the first piece of information encountered?

Anchoring bias
Explanation

Overvaluing initial information.

#2

What is the term for the tendency to favor information that confirms one's preexisting beliefs or hypotheses?

Confirmation bias
Explanation

Preferring data that supports existing beliefs.

#3

Which cognitive bias involves attributing success to one's abilities or efforts while attributing failure to external factors?

Self-serving bias
Explanation

Claiming personal success, blaming failure on others.

#4

What is the tendency to continue investing time, money, or effort into a project or decision despite evidence suggesting it's failing known as?

Sunk cost fallacy
Explanation

Persisting in futile endeavors due to past investment.

#5

Which cognitive bias involves the tendency to rely too heavily on the first piece of information encountered when making decisions?

Anchoring bias
#6

Which cognitive bias involves making decisions based on the most readily available information?

Availability heuristic
Explanation

Deciding based on easily accessible data.

#7

What is the tendency to overestimate the likelihood of events that have recently occurred known as?

Recency effect
Explanation

Overestimating recent event significance.

#8

Which cognitive bias involves attributing others' actions to their character or personality rather than situational factors?

Fundamental attribution error
Explanation

Misjudging others' behavior as inherent traits.

#9

What is the tendency to overestimate one's own knowledge, abilities, or predictions known as?

Overconfidence bias
Explanation

Overestimating personal capabilities or understanding.

#10

Which cognitive bias involves making decisions based on information that is most easily retrievable from memory?

Availability heuristic
#11

Which cognitive bias involves underestimating the time, cost, and risks of a particular action or decision?

Planning fallacy
Explanation

Underestimating project demands.

#12

Which cognitive bias involves making decisions based on the way information is presented rather than the actual information itself?

Framing effect
Explanation

Being influenced by presentation format over content.

#13

Which cognitive bias involves underestimating the time, cost, and risks of a particular project or action?

Planning fallacy
#14

Which cognitive bias involves making decisions based on how information is presented rather than the actual information itself?

Framing effect

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