The Belief That If You Paid More for Something It

question 49

Multiple Choice

The belief that if you paid more for something it must be more valuable to you is known as:

• A) projection bias.
• B) the sunk cost fallacy.
• C) the hot-hand fallacy.
• D) narrow framing.

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Definitions:

American Entry

Often refers to the United States’ involvement in global conflicts, especially its entry into World War I in 1917 and World War II in 1941.

Wilsonianism

A foreign policy ideology promoting democracy, capitalism, and international cooperation, influenced by the principles of U.S. President Woodrow Wilson.

Self-Determination

Self-Determination is the principle that a community or nation has the right to determine its own political status or form of government, without external influence.

Secret Agreements

Confidential understandings or deals made between parties, often kept hidden from the public and sometimes from certain stakeholders.