I'd like to split the difference and say that sure, IQ means that a person does have more ability to solve these sorts of problems -- but the fact that it doesn

I'd like to split the difference and say that sure, IQ means that a person does have more ability to solve these sorts of problems -- but the fact that it doesn't actually prompt you to apply it is a serious deficit for IQ, and an under-recognized problem. Smart people get lots of things badly wrong lots of the time. The fact that they're smart can make others (and perhaps themselves, too) assume that they won't be badly wrong, and thus broaden the error.