Answer to Question 1
Answer: C
Explanation: All of the choices listed are common decision-making errors and biases except forest for the trees. Sunk costs refers to managers who fixate on past costs rather than future consequences. Randomness occurs when managers see patterns and trends that do not exist. Overconfidence bias occurs when managers overestimate their own strengths and skills.
Answer to Question 2
Answer: B
Explanation: The correct answer here must be an error or bias that deals with short- and long-term gain. Overconfidence is the tendency of a decision maker to assess his own skills in a more positive light than they deserve, so it has nothing to do with short-term gain. When a person organizes events based on faulty perceptions, he is guilty of selective perception bias, again not directly concerned with short-term gain. Representation bias involves drawing parallels to events that aren't really related, so it is not correct here. Only immediate gratification, which is the tendency to go for a quick score, involves going for short-term rather than long-term gain, so it is the correct response here.
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