QUESTION 11 System 1 thinking refers to our: A. Biases B. Intuitive System C. Fr

Question

QUESTION 11

System 1 thinking refers to our:

A. Biases

B. Intuitive System

C. Framing Capability

D. Intelligence

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QUESTION 12

When contemplating risky choices, many people follow the rule of thumb, “do no harm”. Those that do this follow the rules of the omission bias?

A. True

B. False

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QUESTION 13

People will generally spend bonuses and save rebates?

A. True

B. False

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QUESTION 14

No problem in judgment and decision making is more prevalent and more potentially catastrophic then overconfidence.

A. True

B. False

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QUESTION 15

System 2 thinking is used for most decisions we make?

A. True

B. False

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QUESTION 16

Managers that conduct performance appraisals often fall victim to availability heuristic?

A. True

B. False

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QUESTION 17

The simplifying strategies we use to make decisions are called

A. Heuristics

B. Bounded Rationality

C. Intuitions

D. Biases

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QUESTION 18

Bounded Rationality describes the fact that our thinking is limited and biased in systematic, predictable ways. Bounded awareness provides us the ability to focus on useful, observable, a relevant data.

A. True

B. False

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QUESTION 19

There are five (5) biases that emanate from the use of the representativeness heuristic, they are: insensity to base rates, insensitivity to sample size, misconception of chance, regression to the mean, and the _____________________.

A. Confirmation trap

B. Retrievability

C. Conjunction fallacy

D. Anchoring

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QUESTION 20

When the likelihood of failure in each component is slight, then the probability of an overall failure is slight when we have many components in a project?

A. True

B. False

Explanation / Answer

According to Chegg's policy, we are required to provide only 4 parts of a question.

1

1. System 1 is intuitive thinking process. Hence the correct option is b. Intuitive System.

12. Keeping quite while something bad is happening is considered omission error and people who do not harm may not follow this. Hence the given statement is FALSE.

13. Rebates are considered reimbursement by the people and bonuses are considered like gift. Hence people spend bonuses and save rebates. Therefore the given statement is TRUE.

15. System 2 is an effortful, slow and controlled way of thinking and that is how most people think. Hence the given statement is TRUE.

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