FAST Critical Thinking and Decision Making 2

Question 1

A team is debating whether to launch a new product. One member argues, 'We've already spent $2 million developing it, so we must launch it.' What decision-making error does this represent?

Accepted Answer

Sunk cost fallacy

Answer

The sunk cost fallacy occurs when past irreversible investments inappropriately influence future decisions, instead of evaluating only future costs and benefits.

Question 2

Which of the following scenarios best illustrates deductive reasoning?

Accepted Answer

If all mammals are warm-blooded and whales are mammals, then whales are warm-blooded

Answer

Deductive reasoning draws a logically certain conclusion from true premises — if the premises are true, the conclusion must be true, as in the classic syllogism format.

Question 3

When two credible studies produce conflicting results about the same topic, the best critical thinking approach is to:

Accepted Answer

Look for methodological differences and seek additional evidence

Answer

Conflicting studies should be examined for differences in methodology, sample size, population, and context before accepting either result, and additional evidence should be sought.

Question 4

An argument's conclusion does NOT logically follow from its premises even though the premises are true. This argument is best described as:

Accepted Answer

Invalid regardless of the truth of the premises

Answer

Validity concerns whether the conclusion follows logically from the premises; if it does not, the argument is invalid regardless of whether the premises are true or false.

Question 5

Which heuristic describes the tendency to rely heavily on the first piece of information received when making decisions?

Accepted Answer

Anchoring heuristic

Answer

The anchoring heuristic describes the cognitive bias where the first piece of information encountered disproportionately influences subsequent judgments and estimates.

(FAST) Future Aptitude Selection Tool Practice Test

(FAST) Future Aptitude Selection Tool Practice Test

FAST Critical Thinking and Decision Making 2