Psychological Bias in Decision Making Refers to

question 108

Multiple Choice

Psychological bias in decision making refers to

• A)the effect that a person's psychological capabilities have upon the decisions they must make under pressure.
• B)what happens when a decision maker must balance the preferences of many interested parties,diluting effectiveness.
• C)the conflict that results from too many people involved with making a decision.
• D)the inability to be objective when gathering,evaluating and applying information for decision making.
• E)the fact that people are motivated by a need for power which clouds their decision making capabilities.

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Definitions:

Federal Government Budget Deficit

The financial situation that occurs when a government's expenditures exceed its revenues in a fiscal year.

Interest Rates

The charges levied by lenders on borrowers for the privilege of using the lender's money, expressed as a proportion of the borrowed amount per unit of time.

U.S. Dollar

The official currency of the United States, which serves as a major reserve currency and is used in many international transactions.

Federal Budget Surplus

A financial situation where the government's revenue exceeds its expenditures within a fiscal year.