In 1904 the French Minister of Public Instruction Formed a Commission

question 74

True/False

In 1904 the French minister of public instruction formed a commission to develop ways of determining which children should be placed in special classes because they were unable to learn at the average pace or level in classes offered in ordinary schools. From this, Alfred Binet and Theodore Simon created the first intelligence test.

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Definitions:

Marginal Product Data

Information that shows how the addition of a single unit of a factor of production, such as labor or capital, affects total output.

Competitive Market

A market structure characterized by a large number of buyers and sellers, free entry and exit, and a product for which each supplier's offerings are perfectly substitutable by the consumers.

Profit-Maximizing Rule

A principle stating that firms achieve maximum profit when they produce goods or services to the point where marginal cost equals marginal revenue.

Cost-Minimization Rule

A principle in economics that suggests a firm should produce any given output at the lowest possible cost.