Refer to the Scenario Below to Answer the Following Questions

question 3

Multiple Choice

Refer to the scenario below to answer the following questions.
Decision-making Biases (Scenario)
Frank is president of Mega Manufacturing, a Canadian company that makes automobile parts. Sales and profits are down sharply this quarter, and Frank needs to analyze the series of events that have led to the poor performance. Frank begins by reviewing his recent interactions with Mike, the vice-president of sales.
-Mike advised Frank that he would be taking his newest sales executive, Eric, along on the trip to the Japanese auto maker's headquarters in Tokyo. When Frank asked how Eric was hired, Mike said, "Eric went to the same university as me, so I knew he had to be good!" Mike's comment demonstrates which of the following?

• A) selective perception bias
• B) hindsight bias
• C) self-serving bias
• D) sunk costs error
• E) escalation of commitment

Grasp the significance of symbols and their arbitrary nature in cultural context.

Comprehend the role of cultural transmission across generations.

Identify the impact of globalization on the pace of cultural change.

Understand ethnocentrism and its effects on intercultural understanding.

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Definitions:

Maximin Strategy

A decision rule which aims to maximize the minimum payoff attainable, often used under conditions of uncertainty.

Payoffs

The returns or benefits received from a particular action or investment.

Nash Equilibrium

A concept within game theory where each player's strategy is optimal, given the strategies of other players, and no player has anything to gain by changing their own strategy alone.

Dominant Strategy

A strategy in a game theory context that is best for a player regardless of what strategies other players choose.