MGT 5500 EXAMINATION SET 2026
SOLVED QUESTIONS GRADED A+
● system one processing. Answer: Fast, unconscious, intuitive, often
based on emotions and past experiences.
● system two processing. Answer: Slow, conscious, rational and uses
logic and is based on consequences.
● availability bias. Answer: Information that is readily available is given
preference over harder-to-find/access information
● confirmation bias. Answer: We seek and pay attention to information
that supports our point of view and discount data that do not.
● motivated reasoning. Answer: forming or maintaining a belief at least
partly because, at some level, we want it to be true. This manifests itself
in selective standards for belief, seeking and accepting evidence that
confirms desired beliefs, and ignoring or discounting evidence that
disconfirms them
● Loss Aversion Bias. Answer: tendency to prefer avoiding loss to
acquiring gains
, ● framing effect. Answer: the tendency for people's choices to be
affected by how a choice is presented, or framed, such as whether it is
worded in terms of potential losses or gains
● representativeness bias. Answer: the tendency to generalize from a
small sample or a single event
● anchoring bias. Answer: Tendency to make decisions based on an
initial figure or piece of information
● overconfidence bias. Answer: holding unrealistically positive views of
oneself and one's performance
● escalation of commitment. Answer: Tendency to commit additional
resources to a failing cause based on the slim hope that there will be a
dramatic turnaround
● groupthink. Answer: the tendency of group members to conform,
resulting in a narrow view of some issue
● power. Answer: the potential of an individual (the agent) to influence
another (the target).
● influence. Answer: the degree of actual change in the target's behavior,
attitudes, and/or values.
SOLVED QUESTIONS GRADED A+
● system one processing. Answer: Fast, unconscious, intuitive, often
based on emotions and past experiences.
● system two processing. Answer: Slow, conscious, rational and uses
logic and is based on consequences.
● availability bias. Answer: Information that is readily available is given
preference over harder-to-find/access information
● confirmation bias. Answer: We seek and pay attention to information
that supports our point of view and discount data that do not.
● motivated reasoning. Answer: forming or maintaining a belief at least
partly because, at some level, we want it to be true. This manifests itself
in selective standards for belief, seeking and accepting evidence that
confirms desired beliefs, and ignoring or discounting evidence that
disconfirms them
● Loss Aversion Bias. Answer: tendency to prefer avoiding loss to
acquiring gains
, ● framing effect. Answer: the tendency for people's choices to be
affected by how a choice is presented, or framed, such as whether it is
worded in terms of potential losses or gains
● representativeness bias. Answer: the tendency to generalize from a
small sample or a single event
● anchoring bias. Answer: Tendency to make decisions based on an
initial figure or piece of information
● overconfidence bias. Answer: holding unrealistically positive views of
oneself and one's performance
● escalation of commitment. Answer: Tendency to commit additional
resources to a failing cause based on the slim hope that there will be a
dramatic turnaround
● groupthink. Answer: the tendency of group members to conform,
resulting in a narrow view of some issue
● power. Answer: the potential of an individual (the agent) to influence
another (the target).
● influence. Answer: the degree of actual change in the target's behavior,
attitudes, and/or values.
