When we draw a general impression about an individual on the basis of a single c

Question

When we draw a general impression about an individual on the basis of a single characteristic, such as intelligence, sociability, or appearance we are using a shortcut called the contrast effect.

True

False

QUESTION 7

________ theory tries to explain the ways in which we judge people differently, depending on the meaning we attribute to a given behavior.

Hierarchy of needs

Acquired needs

ERG

Attribution

Two factor

QUESTION 8

For many people, a 50-50 flip of a coin for $100 might not be worth as much as a sure promise of $50, even though the gamble is mathematically worth twice as much as the sure thing. This is an example of ________.

self-serving bias

confirmation bias

selective perception

availability bias

risk aversion

QUESTION 9

Tom knows that the title insurance company made a mistake on his property title. Because of their mistake, his neighbor now has access to an easement road through the 25 acres located at the back of his property. He can't use the acreage for pasture, because his neighbor insists that the gates remain open. The title company has offered a $40,000 settlement. Tom has decided to take the settlement rather than possibly lose in court if he were to sue the title company for more money. Tom's decision is based on ________.

hindsight bias

escalation of commitment

availability bias

risk aversion

randomness error

QUESTION 10

Which is not one of the steps in the rational decision-making model?

identifying the decision criteria

finding a reasonable solution

evaluating the alternatives

defining the problem

selecting the best alternative

Hierarchy of needs

Acquired needs

ERG

Attribution

Two factor

Explanation / Answer

1False

Contrast effect is not related to drawing a general impression about an individual on the basis of a single characteristic. Contrast effect means when we compare two persons and one was great and second looks inferior against the first one. It does not mean second one was inferior but due to greatness of the first he or she looks inferior. There are various factors associated with it.

2 Attributions

Attribution theory means how we judge the other’s behaviors as per our own perspectives. For an example if someone is very angry then we judge that whether he is short tempered or something bad happened to him.

3 Risk aversions

Risk aversion is the capability of handling the risk. It may be understood with another example. An individual does not invest his money in share market because of the high risk. Although there is high return as well. He leaves the high return and invests the amount in bank. There is surety of the return with minimal risk but minimal return. So this virtue was asked in the question and this is an example of risk aversion

4 Risk aversions

As I have explained in question 3 when there is surety then it is risk aversion. People prefer sure amount over risk.

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