Technological Progress Allows Workers to Produce More

question 28

Multiple Choice

Technological progress allows workers to produce more:

• A) because it increases the amount of physical capital available.
• B) because it increases the amount of human capital available.
• C) even when the amount of physical capital and human capital do not change.
• D) only if the amount of physical capital grows at the same rate.

Explain the concept of consciousness and its significance in novel and challenging tasks.

Recognize the role of unconscious information processing in problem-solving and cognitive tasks.

Identify genetic and cultural influences on sleep patterns.

Understand the concept of hypnagogic sensations and their occurrence at the onset of sleep.

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Definitions:

Bounded Rationality

The concept that when individuals make decisions, their rationality is limited by the information they have, the cognitive limitations of their minds, and the finite amount of time they have to make a decision.

Intellectual Capital

Refers to the intangible value of a business, representing the sum of its knowledge, skills, inventions, and connections.

Availability Heuristic

A mental shortcut that relies on immediate examples that come to mind when evaluating a specific topic, concept, method, or decision.

Representativeness Heuristic

A cognitive shortcut in which one makes judgments about the probability of an event based on how closely it matches one's stereotypes or expectations.