When we stay with a decision even if there is clear evidence its wrong, it refers to ____.

When we stay with a decision even if there is clear evidence its wrong, it refers to ____.

a. anchoring bias

b. confirmation bias

c. risk aversion

d. escalation of commitment

e. availability bias


Answer: d. escalation of commitment

Which term refers to setting on initial information and not sufficiently altering for subsequent information?

Which term refers to setting on initial information and not sufficiently altering for subsequent information?

a. Escalation of commitment

b. Confirmation bias

c. Risk aversion

d. Availability bias

e. Anchoring bias


Answer: e. Anchoring bias

Raj has interviewed at 28 places for a job. He chooses the first acceptable job offer he encounters, rather than the optimal one. Which term describes Raj's choice?

Raj has interviewed at 28 places for a job. He chooses the first acceptable job offer he encounters, rather than the optimal one. Which term describes Raj's choice?

a. Halo effect

b. Satisficing

c. Consistency

d. Fundamental attribution error

e. Self-serving bias


Answer: b. Satisficing

Bianca is known for making consistent, value-maximizing choices within specified constraints. She can be described as ____.

Bianca is known for making consistent, value-maximizing choices within specified constraints. She can be described as ____.

a. Machiavellian

b. deep acting

c. rational

d. narcissistic

e. surface acting


Answer: c. rational

In intuitive decision making, we typically ____.

In intuitive decision making, we typically ____.

a. arrive at a decision that proves to be less effective than when we use rationality

b. rely upon an objective decision-making process

c. contradict decisions made through a more rational process

d. examine only parts of the problem

e. engage our emotions and previous experience


Answer: e. engage our emotions and previous experience

The second step in the rational decision-making process is to ____.

The second step in the rational decision-making process is to ____.

a. identify the decision criteria

b. use your experience to create hunches

c. look for tried-and-true answers

d. satisfice, or seek a "good enough" solution

e. engage the emotions during the process


Answer: a. identify the decision criteria

Ramona graduated six month ago. She has been regularly applying for jobs since before she graduated. Which of these best describes Ramona's situation of not having a job?

Ramona graduated six month ago. She has been regularly applying for jobs since before she graduated. Which of these best describes Ramona's situation of not having a job?

a. Potential

b. A consensus

c. An opportunity

d. A decision

e. A problem


Answer: e. A problem