Reference no: EM133379428

Questions

1. The mayor of a large city continued to spend money investigating ways to privatize the airport, despite the fact that the move was unpopular and would actually cost the city more than retaining ownership. Which decision trap might encourage the mayor to continue to "throw good money after bad?"

sunk costs fallacy

hindsight bias

escalation of commitment

hubris

2. Mateo is able to quickly adapt to his changing job environment. He is rarely indecisive. Which benefit of relying on intuition is Mateo showing?

facilitation of personal development

improvement of the decision in some way

promotion of decisions compatible with company culture

expedited decision making

3. Which term best describes when a person makes an acceptable decision, but not the best decision?

suboptimal choosing

rational limitation

satisfice

bounded rationality

4. Kehinde paints because of his desire to create and express himself. Even when his paintings aren't selling well, he devotes himself to his art. Which of the following components of creativity does this example express?

expertise

external reward

intrinsic motivation

creative thinking skills.