Michelle Was Invited to a Housewares Party

question 247

Multiple Choice

Michelle was invited to a housewares party. The party began with the 15 people in attendance introducing themselves. Michelle could only remember the first two and last two people she was introduced to. This is an example of__________

• A) the primacy effect.
• B) the recency effect.
• C) the serial position effect.
• D) the state-dependent memory effect.

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Definitions:

Real Wealth

The value of an individual's or entity's assets and resources, adjusted for inflation, reflecting the actual purchasing power over goods and services.

Aggregate Demand

The total demand for all goods and services within an economy at given price levels and in a given time period.

Short Run

A period during which at least one of a firm's inputs is fixed, only allowing the firm to vary some inputs while others remain unchanged.

Long Run

In economics, a period of time during which all factors of production and costs are variable, allowing full adjustment to any change in the market.