SOLVED

11) Bounded rationality involves identifying and evaluating a(n) ________ number of alternatives and choosing ________ alternative. a. limited; the perfect b. limited; a satisfactory c. unlimited; the perfect d. unlimited; the first e. limited; the first 12) Alison is trying to make a career choice, and she is having difficulty because there are so many possible choices available to her: “I feel like my head is going to explode because there are so many options, yet my ability to process them all in my mind seems limited.” Alison is exhibiting a. bounded rationality. b. selective perception. c. groupthink. d. groupshift. e. social responsibility. 13) Many of the decisions made in the “real world” don’t seem to follow a logical or rational process, and thus are ________ decisions. a. optimal b. judgment c. alternative d. satisficing e. creative 14) When Sophie makes decisions, she does so with incomplete information. Sophie is making a. irrational decisions. b. rational decisions. c. sharp decisions. d. intuitive decisions. e. bounded rationality decisions. 15) Ysanne uses intuition to make many of her decisions. Intuitive decisions are usually a. based on experience. b. “good enough.” c. irrational. d. ineffective. e. optimizing. 16) Decision making that is fast and affectively charged is a. using the rational methods. b. using judgment shortcuts. c. escalating commitment. d. relying on intuition. e. using risk aversion. 17) Studies show that intuitive decisions are best applied when a. time is plentiful. b. policies, rules, and guidelines give clear-cut advice. c. there is a great deal of uncertainty. d. detailed numerical analysis does not need checks and balances. e. the decision maker is inexperienced. 18) Fred had a tight work deadline. Although the project was time-consuming with a lot of unexpected “twists and turns,” he felt sure he would have his project completed by the deadline. As it turned out, he was three days late. Fred has exhibited a. anchoring bias. b. overconfidence bias. c. confirmation bias. d. availability bias. e. escalation of commitment. 19) Tina recently interviewed Don for a new position, and she was so impressed with Don that she was ready to hire him without interviewing additional candidates. However, Tina did interview other candidates, and the last person she interviewed was Mike, who clearly was the best candidate. Nevertheless, Tina hired Don. Tina has exhibited a. anchoring bias. b. overconfidence bias. c. confirmation bias. d. availability bias. e. escalation of commitment. 20) Kyle is known to be someone who finds it difficult to admit his mistakes. He typically seeks out information that supports his decisions and ignores any information that contradicts them, even if that information is more plentiful. Kyle is exhibiting a. anchoring bias. b. confirmation bias. c. availability bias. d. overconfidence bias. e. escalation of commitment.