For an Economist,the Cost of Something Is

question 29

Multiple Choice

For an economist,the cost of something is:

• A)the amount of money you paid for it.
• B)what you gave up to get it.
• C)always equal to its market value.
• D)the quantity of resources used to produce it.

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Definitions:

Implicit Memory

Memory in which task execution is aided by previous experiences, with the individual unaware of these prior experiences.

Iconic Memory

A type of visual memory that holds a brief, fleeting replica of an image after the original stimulus is gone.

Effortful Processing

The active and conscious encoding of information into the memory system, which often requires attention and effort.

Procedural Memory

A type of long-term memory that involves the unconscious memory of how to perform tasks, such as riding a bike or typing, without consciously thinking about them.