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Q1. Non-rationality
and irrationality are the same thing.
a. True
b. False
Q2. When a financial trader takes great
risk in selecting a stock for which he will earn a large commission with no
chance of being held accountable for the decision, this offers an example of:
a. The principal-agent problem
b. Criminal behavior
c. Moral hazard
d. Illogical thinking
Q3. When facing conditions of uncertainty
in decision making, you have more information available to you than when facing
conditions of risk?
a. True
b. False
Q4. When two or more people come up with a decision
based on attempts to accommodate their completely different value systems, the
resulting decision can be deemed:
a. A good one
b. A bad one
c. Irrational
d. Non-rational
Q5. What lies at the heart of effective
real world decision making?
a. Good intentions
b. Plentiful amounts of facts
c. Prioritization
d. Good mathematical models
Q6. Multi-attribute decision making entails
a. Having more than two people involved in the decision process
b. Developing a sense of what the average decision maker would do under
multiple circumstances
c. Balancing two or more competing decisions to determine optimal
outcomes
d. Prioritizing decisions based on different factors
Q7. When the light turns green, traffic
stops, and you automatically begin crossing the street, this reflects:
a. Irrational decision making
b. Non-conscious decision making
c. Weak decision making
d. A pre-decision process
Q8. While group decision making needs to
accommodate more players than individual decision making, fundamentally the
decision making basics are the same in both cases.
a. True
b. False
Q9. If a majority of decision makers vote
in favor of a decision, this indicates that the decision has strong support and
will be implemented effectively.
a. True
b. False
Q10. Which of the following is not a
feature of ?buy in? by decision makers when making decisions?
a. All the people making the decision agree this is the best decision
b. A majority of people making the decision agree this is the best
decision
c. While some players do not actively agree with a decision, they will
not oppose it
d. Some people who vote for a decision work against its implementation
during the decision implementation process
Q11. Which of the following is not one of
the five categories of players highlighted in the social space of a decision?
a. Decision implementer
b. The Community
c. Program funders
d. Stakeholders
Q12. Which of the following statements is
not true in general?
a. Decision makers are comprised of multiple players holding different
perspectives
b. Working outside the formal decision making process, stakeholders will
try to influence decisions in order to achieve their desires
c. When making decisions, decision makers must accommodate the
perspective of the community that will be affected by the decision
d. Decision makers and decision implementers generally view decisions
from the same perspective
Q13. A community faces an economic calamity
when its Number One employer shuts down its operations ? Which category of
decision space ?player? does this scenario reflect?
a. Decision maker
b. Decision implementer
c. External forces
d. Stakeholder
Q14. A significant cause of decision
failures is tied to the fact that decision implementers can misinterpret the
intent and guidance offered to them by decision makers.
a. True
b. False
Q15. Which of the following disciplines
approaches decision making from a quantitative perspective?
a. Decision science
b. Public policy
c. Social psychology
d. Neuroscience
Q16. The neuroscience perspective in
decision making holds that:
a. Healthy brains consistently make the best decisions
b. The decisions we make are heavily colored by how our brains function
c. Artificial intelligence leads to decisions that are superior to
decisions made by humans
d. That the best decisions exist independently of human perception of
what is a good decision
Q17. Welfare economics is principally
concerned with providing poor people with food and shelter.
a. True
b. False
Q18. Which of the following findings is an
important contribution of social psychology to decision making theory and
practice?
a. The section of the brain that is most closely associated with
decision making is the prefrontal cortex
b.
Decision making is strongly affected by personality
c. In making decisions, people are primarily influenced by perceived
financial rewards
d. When individuals make decisions, they are heavily influenced by peer
pressure
Q19. A key premise of the behavioral
economics perspective on decision making is that:
a. When making decisions, people optimize the returns they achieve
b. People seldom approach decision making rationally
c. Decision making is most effective when it is built on quantitative
models
d. Most decision making boils down to making supply vs. demand choices
Q20. A concentration on how small and large
groups make decisions, focusing on the interactions of the players, is
characteristic of which discipline?
a. Decision science
b. Psychology
c. Social psychology
d. Neuroscience
Q21. What is a central characteristic of
the homo economicus (“economic man”) assumption of decision making in
economics?
a. In making decisions, people should take into account the costs of
services they receive
b. In making decisions, people should take into account the revenue they
anticipate receiving
c. Of all the factors that go into decision making, economic factors are
the most significant
d. When making decisions, people assume a rational perspective
Q22. To a large extent, determining what a
group perceives to be a good decision entails reconciling their often opposing
perspectives.
a. True
b. False
Q23. Making decisions based on majority
rule yields predictably good results.
a. True
b. False
Q24. Which of the following statements is
difficult to support?
a. Good decisions are built on solid and complete information
b. When dealing with multiple decision makers, it is important to
understand the perspectives of each player
c. The stronger the consensus among decision makers, the stronger the
decision
d. Autocratic decision making consistently leads to bad results
Q25. When a decision is made based on the
largest number of ?votes? cast, but where 50% support is not achieved, this is
called:
a. 100% consensus decision making
b. Majority rule decision making
c. Plurality decision making
d. Non-rational decision making
Q26. The principal characteristic of
consultative decision makers is that:
a. While they collect input from other players, they ultimately make the
final decision
b. They promote decisions that reflect the views of all the players
involved in the decision making process
c. Their principal goal is to achieve full consensus among the players
on what decision to make
d. They recognize that insufficient information exists to make an
optimal decision, so they promote suboptimal, “good enough” decisions
Q27. Self-directed work teams are often
portrayed as exemplars of an excellent approach to decision making at the grass
roots level. Which of the following is not an attribute of self-directed work
units?
a. They promote group think
b. They lead to slow decision making as substantial time is spent
achieving a consensus
c. They capture multiple perspectives that should be examined when
making decisions
d. They consistently generate the best decisions because they entail
empowering the decision makers
Q28. Wikipedia demonstrates the
effectiveness of distributed group decision making in certain circumstances.
a. True
b. False
Q29. What did the strawberry jam study
(module 5 slides) conclude about analyzing a problem before making a decision?
a. You can over analyze the problem, leading to weaker decisions
b. You can under analyze the problem, leading to weaker decisions
c. The amount of effort you put into analyzing problems is not related
to the strength of your decision
d. The appropriateness of your analysis of problems needs to be
determined in the context of the decision you are making
Q30. Visual illusion demonstrate that
objective facts are not so objective ? what people perceive undergoes an
interpretive process by the brain
a. True
b. False
Q31. What psychological sub-discipline
examines how thinking affects decision making?
a. Cognitive psychology
b. Perceptual psychology
c. Personality
d. Social psychology
Q32. It is physically impossible for the
brain to process all the information presented to it. Consequently, the brain
doesn’t attempt to handle all the detail but fills in the blanks through:
a. Data aggregation
b. Regression analysis
c. Predictive coding
d. Random sampling
Q33. Dijksterhuis’s experiment that had two
groups of students look at the traits of cars under different conditions (4
traits for the first group, 12 for the second) suggests that:
a. With simple problems, reliance on unconscious processes leads to
better decisions
b. With simple problems, decision makers use a flip-the-coin approach to
decision making
c. With more complex problems, decision makers do better when they leave
some time to let the unconscious mind work on the problem
d. With more complex problems, you are better off making quick decisions
than sleeping on them
Q34. In order to make sense of the millions
of bits of information the brain receives each second, it:
a. Interprets data by relying on templates based on past experience
b. Goes into turbo charge mode
c. Increases the number of neurons needed for processing purposes
d. It occasionally goes into a suspend mode in order to catch up with
unprocessed data
Q35. Systems 1 thinking is most appropriate
when:
a. You don’t understand a problem
b. Making group decisions
c. When you don’t require deep thought to make a decision
d. When you require careful analysis to make a decision
Q36. The function of myelin (brain white
matter) is:
a. To increase the information storage capacity of the brain
b. To provide feedback in response to neuronal pulses
c. To help the brain to maintain its health by maintaining a proper
chemical environment
d. To increase the information transmission capabilities of neurons by a
factor of 100
Q37. A high benefit/cost ratio is generally
considered to be attractive. Following is a list describing circumstances where
decisions makers might not want to support the project. Which item does not
belong on the list?
a. Because the ratio “hides” the size of the benefits and
costs, the project may be too small to warrant support
b. Other projects exist with more favorable benefit/cost ratios
c. The fact that benefits and costs are both estimates will yield
unreliable results
d. The benefits derived from the project may arrive too far in the
future to be attractive
Q38. Which statement is most true?
a. Costs are easier to assess than benefits
b. Benefits are easier to assess than costs
c. Unless benefits can be monetized, they have little value
d. Costs must be monetized
Q39. To provide meaningful results,
Benefit/Cost analysis requires the employment of monetary data.
a. True
b. False
Q40. Compound interest and present value
basically measure the same thing from two different perspectives of time.
a. True
b. False
Q41. IRR measures:
a. The level of profit of an investment
b. The level of revenue of an investment
c. Return on investment
d. The payback period of an investment
Q42. An IRR of 23.4% tells us:
a. For the time period being examined, we earn 23.4 cents for every
dollar invested
b. For the time period being examined, a $100 investment generates a
profit of $234
c. Our profit is 23.4%
d. Payback on our investment occurs 23.4% of the way into the project
Q43. For a decision making team to decide
to support a project:
a. NPV must be lower than zero
b. NPV must be greater than zero
c. Inflation must be low
d. The prevailing interest rate must be lower than 5%
Q44. Which of the following is not a factor
that needs to be taken into account when carrying out a benefit-cost analysis?
a. Determining the lag between benefits and costs
b. Handling the aggregation problem
c. Dealing with the trade-offs of benefits vs. costs
d. Rewarding team members for efficient completion of the analysis
Q45. When using benefit/cost ratios created
from monetized estimates of benefits and costs:
a. Considerations of estimation risk are minimized
b. The resulting ratios are unit-less numbers
c. There is a tendency to overstate benefits in relation to costs
d. There is a tendency to overstate costs in relation to benefits
Q46. The Health Bureau of a state
government decides to provide more funding to resolve diseases affecting
children than diseases affecting the elderly. This approach illustrates which
public/social decision making criterion?
a. Caldor Hicks criterion
b. Pareto criterion
c. Social welfare criterion
d. Ceteris paribus criterion
Q47. From the perspective of SWOT analysis,
which of the following is an opportunity?
a. The first-rate talent of our employees
b. Our possession of strong patents for important technologies
c. Our launching of a new marketing campaign
d. An emerging market for our goods
Q48. From the perspective of SWOT analysis,
which of the following is a strength?
a. The first-rate talent among our employees
b. A booming economy
c. An emerging market for our goods
d. New tax legislation which reduces our tax exposure
Q49. From the perspective of SWOT analysis,
which of the following is a weakness?
a. The onset of a recession
b. The mediocre leadership capabilities of our CEO
c. The changing market for our product line
d. Consumer excitement over products launched by our competitors
Q50. From the perspective of SWOT analysis,
which of the following is a threat?
a. The growing successes of our chief competitor
b. The mediocre leadership capabilities of our CEO
c. Our poor management of cash flow
d. Our delays in launching new products
