1) Decision-making is about  a) reducing uncertainty b) minimizing risk c) increased anxiety d) maximizing benefit 2) Decision-making steps include a) judgement stage b) classification stage c) identification stage d) generation stage 3) The factors that influence and affect people's ability to make decisions are :- a) reason based decision making b) regret c) satisfaction d) time pressure e) external factors 4) Which of the following is correct? a) the decision is not framed b) alternatives can evaluated in the generation stage c) judgements are susceptible to many of the biases d) many decisions simply do not involve much risk or uncertainty 5) Which probability indicates based on the absence of other information? a) Base rates probability b) Independent probability c) Short-term probability d) Long-term probability 6) The probability of one head (.5) when multiplying of another head (.5) a) The probability of two heads in a row is .25 b) The probability of two heads in a row is .125 c) The probability of two heads in a row is .5 d) The probability of two heads in a row is zero 7) Which of the following is the main element of rational approach? a) gain b) idea c) most d) probability 8) What is the meaning of loss aversion? a) tendency for people to choose options with a certain b) The process of inferring or inducing features and properties of things based on their category membership based on their category membership. c) an individual’s tendency to prefer avoiding losses to acquiring equivalent gains 9) The tendency to avoid situations that might lead to loss can lead to a bias known as? a) prospect bias b) status quo bias c) certainty bias d) loss aversion bias 10) Prospect theory suggests that people make decisions according to psychological prospects. a) True b) False

Decision Making

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