Final answer:
Expectancy theory is not about cognitive processes in making choices but rather about predicting outcomes in effort-reward situations. It's a false statement; the correct concepts are rational expectations, which are forward-looking, and adaptive expectations, which adjust based on past experiences.
Step-by-step explanation:
The statement that Expectancy theory describes the cognitive process employees go through to make choices among different voluntary responses is false. Instead, this theory relates more to how individuals predict outcomes based on their efforts and perceived rewards.
Rational expectations and adaptive expectations are different concepts. Rational expectations refer to the hypothesis that individuals form the most accurate possible forecasts about the future using all available information. On the other hand, adaptive expectations are based on past experiences and adjust as circumstances change, without necessarily trying to predict future events precisely. These concepts play a key role in the broader discussion of forecasting and economic behavior.