#1
Which of the following is an example of an easy daily life decision-making task?
Deciding what to wear
ExplanationChoosing clothes for the day is a simple, routine decision for many people.
#2
In the context of decision-making, what is the 'status quo bias'?
The tendency to resist change and prefer the current state of affairs
ExplanationThe status quo bias refers to the tendency for people to favor the current state of affairs and to resist change.
#3
Which factor is often associated with decision fatigue in daily life?
Making too many decisions in a short period
ExplanationDecision fatigue occurs when individuals make numerous decisions over a period, leading to a decrease in the quality of subsequent decisions.
#4
Which factor can influence ethical decision-making in daily life?
Personal values and beliefs
ExplanationPersonal values and beliefs play a significant role in ethical decision-making by guiding individuals in determining what is right or wrong in a given situation.
#5
In daily life decision-making, what does 'satisficing' refer to?
Accepting a satisfactory option rather than seeking the best
ExplanationSatisficing refers to the decision-making strategy of accepting a satisfactory or 'good enough' option rather than seeking the best possible outcome.
#6
In the context of preferences, what does the term 'opportunity cost' refer to?
The value of the next best alternative foregone
ExplanationOpportunity cost is the potential benefit that is given up when one alternative is chosen over another.
#7
Which psychological phenomenon is associated with the tendency to prefer the first option presented in a decision-making scenario?
Anchoring bias
ExplanationAnchoring bias is the tendency to rely heavily on the first piece of information encountered when making decisions.
#8
What role does emotions play in decision-making?
Emotions can influence preferences and choices
ExplanationEmotions play a significant role in decision-making by influencing the way choices are framed, evaluated, and ultimately made.
#9
Which decision-making model assumes that individuals are rational and make choices that maximize their utility?
Rational decision-making model
ExplanationThe rational decision-making model assumes that individuals are logical and make decisions that maximize their utility or benefit.
#10
What is the 'regret aversion' phenomenon in decision-making?
The tendency to avoid choices that may lead to regret
ExplanationRegret aversion is the tendency for individuals to avoid making decisions that they fear may lead to regret or disappointment.
#11
Which of the following is an example of a decision made under conditions of uncertainty?
Investing in a startup with unpredictable outcomes
ExplanationInvesting in a startup involves uncertainty as the outcome is unpredictable and may lead to varying results.
#12
What does the 'paralysis by analysis' phenomenon refer to in decision-making?
Overthinking and being unable to make a decision
ExplanationParalysis by analysis refers to the state of overthinking a situation or problem to the point where a decision or action is never taken, resulting in inaction.
#13
What is the concept of 'paradox of choice' in decision-making?
Having too many options can lead to decision paralysis
ExplanationThe paradox of choice suggests that when people are faced with too many options, they may experience difficulty in making a decision, leading to dissatisfaction and regret.
#14
Which cognitive bias involves giving preference to information that confirms one's pre-existing beliefs or values?
Confirmation bias
ExplanationConfirmation bias is the tendency to search for, interpret, favor, and recall information in a way that confirms one's pre-existing beliefs or hypotheses.
#15
What is the 'framing effect' in decision-making?
The way information is presented can influence choices
ExplanationThe framing effect refers to the phenomenon where the presentation of information can influence people's choices and decisions.
#16
Which cognitive bias involves overestimating the likelihood of positive events and underestimating the likelihood of negative events?
Optimism bias
ExplanationOptimism bias is the tendency for individuals to believe that they are less likely to experience negative events and more likely to experience positive events compared to others.
#17
What is the 'anchoring bias' in decision-making?
The tendency to rely on the first piece of information encountered
ExplanationAnchoring bias is the tendency to rely heavily on the first piece of information encountered when making decisions.
#18
Which decision-making model suggests that individuals often make decisions based on intuition and gut feelings?
Intuitive decision-making model
ExplanationThe intuitive decision-making model suggests that individuals often make decisions based on intuition, gut feelings, and past experiences, rather than through extensive analysis.
#19
What is the 'illusion of control' in decision-making?
Believing that one has more influence or control over events than is actually the case
ExplanationThe illusion of control is the tendency for individuals to believe that they have more influence or control over events than they actually do.