Our Awareness of Various External Stimuli and Internal Mental Processes

question 145

Multiple Choice

Our awareness of various external stimuli and internal mental processes, such as making decisions, daydreaming, reflecting, and concentrating, is called ________.

• A) consciousness
• B) creativity
• C) intelligence
• D) self-awareness

Understand the factors contributing to the fall in real wages in the U.S. since 1973.

Grasp the concepts of the income effect and the substitution effect in labor economics.

Comprehend the dual labor market theory and its implications on non-competing groups.

Analyze the effects of minimum wage policies on employment rates.

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Definitions:

Limited Information

A scenario where decision-makers have only a partial view or incomplete data about a situation or problem.

Heuristics

Mental shortcuts that allow people to solve problems and make judgements quickly and efficiently.

Availability Heuristic

Availability heuristic is a mental shortcut that relies on immediate examples that come to a person’s mind when evaluating a specific topic, concept, method, or decision.

Anchoring and Adjustment

A psychological heuristic where initial information serves as a reference point for subsequent judgments and decisions.