Even by the End of the 1948 Presidential Campaign, Almost

question 26

Multiple Choice

Even by the end of the 1948 presidential campaign, almost everyone expected Governor Thomas Dewey to win because

• A) the Republicans had finally united their northeastern internationalist and midwestern isolationist wings.
• B) Truman had run a listless and defensive campaign.
• C) Dewey was such a charming and charismatic candidate.
• D) President Truman seemed unpopular and the Democrats had split three ways.
• E) the Republicans had developed a stronger and more progressive domestic platform.

Identify and explain the forces of competition within industries.

Distinguish between business plans and strategic plans and their purposes.

Recognize the significance of a mission statement in business.

Analyze the concept and sustainability of competitive advantage.

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Definitions:

Cognitive Bias

A systematic pattern of deviation from norm or rationality in judgment, where inferences about other people and situations may be drawn in an illogical fashion.

Availability Heuristic

A decision-making heuristic in which our estimates of frequency or probability of events are based on how easy it is to find examples.

Framing Effect

The influence of wording, or the context in which information is presented, on decision making.

Overconfidence

A cognitive bias where an individual’s subjective confidence in their judgments is greater than their objective accuracy.