People Often Fail to Notice Something That Occurs Slowly, or While

question 175

Multiple Choice

People often fail to notice something that occurs slowly, or while they are blinking their eyes or while moving their eyes. This phenomenon is called

• A) the attentional blink.
• B) the Stroop effect.
• C) change blindness.
• D) the representativeness heuristic.

Recognize the influence of modernity on well-being and the paradox of progress.

Understand the concept of risk aversion and how it influences investment decisions.

Apply the rule of 70 to determine investment growth or the doubling time of an investment.

Interpret utility functions and their implications for decision-making under uncertainty.

---

Definitions:

Resources

Assets, materials, and human capabilities used to produce goods and services in an economy.

Final Goods

Refers to products that have completed the manufacturing process and are purchased by consumers without further processing.

Margin

The difference between the cost of a product or service and its selling price.

Economics

The efficient allocation of the scarce means of production toward the satisfaction of human wants.