You and a Friend Have Decided to Study for Your

question 55

Multiple Choice

You and a friend have decided to study for your final exams together.However, time to study for your organizational behaviour exam is running out.Your friend persuades you to only study the first five of the ten chapters to be covered on the exam.When you get to the exam, you quickly read through all of the questions and are surprised to see that in fact the majority of the questions are from the first five chapters you studied.You and your friend both receive very good grades on the exam.Your friend never misses an opportunity to remind you how smart it was to only study the first five chapters.What is this an example of?

• A)Escalation of commitment
• B)Hindsight
• C)Framing
• D)Confirmation bias
• E)Anchoring effect

---

Definitions:

Foreign Demand

The desire and willingness of buyers in other countries to purchase goods and services from a particular nation.

Quota

A government-imposed trade restriction that limits the number or monetary value of goods that can be imported or exported during a specified period.

Motorcycle Imports

Refers to the bringing in of motorcycles from foreign countries into a domestic market usually subject to tariffs, quotas, and regulations.

Quantity Imported

This refers to the total amount of goods brought into a country from abroad for commercial purposes.