In Contrast to Our Explicit Conscious Reasoning, Our Seemingly Effortless

question 77

Multiple Choice

In contrast to our explicit conscious reasoning, our seemingly effortless and automatic feelings or thoughts are called

• A) mental sets.
• B) insights.
• C) algorithms.
• D) intuitions.

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Definitions:

Comparative Advantage

Economic theory suggesting that a party should specialize in producing and trading goods that it can produce at a lower opportunity cost than others, leading to increased efficiency and profit.

Trading Partners

Countries or entities that engage in the exchange of goods and services through import and export activities.

Balance-of-Trade Surplus

A situation where the value of a country's exports exceeds the value of its imports, indicating a net positive flow of domestic currency from foreign markets.

Dollar Value of Exports

The total monetary value of all goods and services a country exports to other countries over a specific time period.