By Learning to Classify Cats and Dogs, Monkeys Demonstrate a Capacity

question 18

Multiple Choice

By learning to classify cats and dogs, monkeys demonstrate a capacity to form

• A) heuristics.
• B) intuitions.
• C) algorithms.
• D) concepts.

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Definitions:

Absolute Advantage

The ability of an individual, company, or country to produce a good or service at a lower cost per unit than others.

Comparative Advantage

An economic principle stating that countries or entities gain and benefit from trade when they specialize in producing goods for which they have a lower opportunity cost than their trading partners.

Production

The process of combining various material inputs and immaterial inputs (plans, know-how) in order to make something for consumption (the output).

Producer Surplus

The difference between what producers are willing to accept for a good or service versus what they actually receive in the market.