People Contribute to Disaster Relief Even When They Do Not

question 366

Multiple Choice

People contribute to disaster relief even when they do not personally know anyone who has been affected by the disaster. What psychological factor associated with behavioral economics explains this behavior?

• A) framing bias
• B) altruism
• C) sunk cost fallacy
• D) overconfidence

Acknowledge the importance of equitable compensation strategies to prevent organizational issues.

Recognize the significance of life-cycle and non-monetary benefits in employee satisfaction and retention.

Understand the significance of legislation on employee benefits and retirement plans.

Recognize the impact of compensation strategies on organizational efficiency and employee turnover.

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Definitions:

Risky Decisions

Choices made under uncertainty where the outcomes can include significant loss or failure.

Quality Circle

A small group of employees who work voluntarily on company time, typically one hour per week, to address work-related problems such as quality control, cost reduction, production planning and techniques, and even product design.

Quality Control

The process of ensuring products and services meet consumer expectations and regulatory requirements through consistent monitoring and evaluation.

Production Planning

The process of aligning demand with manufacturing capacity to create production and procurement schedules for finished products and component materials.