Alex Has a Number of Casual Acquaintances That He Interacts

question 10

Multiple Choice

Alex has a number of casual acquaintances that he interacts with infrequently. The relationships that Alex has with these people are referred to as ________ relationships.

• A) strong-tie
• B) moderate-tie
• C) lateral-tie
• D) weak-tie
• E) multiple-tie

Identify factors that impact individual and market behaviors from a behavioral economics perspective.

Learn about the importance of context and situation in shaping economic decisions.

Describe the role of System 1 and System 2 thinking in decision making.

Analyze the effect of cognitive biases such as overconfidence, hindsight bias, and confirmation bias on economic decisions.

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Definitions:

Interpersonal Trust

A psychological state comprising the intention to accept vulnerability based upon positive expectations of the intentions or behavior of another.

Rotter's Research

Studies conducted by Julian B. Rotter, focusing on the psychology of personality, particularly locus of control and its impact on behavior and decision-making.

Experiences

Accumulated knowledge or mastery gained through direct participation in events or activities.

Expert Negotiators

Individuals with high skill levels and extensive experience in conducting negotiations effectively.