Paper or Plastic: A look into how decisions are truly made

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* 1. Decisions are rarely made on the spot

True

False

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* 2. The amount of conscious decisions made each day for an average adult:

13

10,000

200

35,000

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* 3. Which one of these steps do not belong in the seven-step decision making process identified by the University of Massachusetts Dartmouth?

Take action

Weigh the evidence

Identify advantages

Review your decision

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* 4. In contract theory, the asymmetry of information occurs when one person or party has more or better information than another person or party.

True

False

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* 5. When we weigh the evidence, we rarely have information to determine that this is the correct decision; rather, it's the most incorrect decision based on the available evidence.

True

False

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* 6. Rejection of the null hypothesis is a conclusive proof that the alternative hypothesis is: Null hypothesis.

True

False

Neither

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* 7. When using the example of excessive wait time in medical practice, there are several factors that could come into play, except for:

The patient intake is too short

The patients come in for their appointments too early

Its due to their patients age and their inability to arrive on time

Unusual mix of established patients versus new patients

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* 8. Decision-making should be based on subjectivity, intuition and anecdote of bounded rationality.

True

False

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* 9. When making a decision using our past experiences, there is no need to go through the decision-making process.

True

False