Use the Following to Answer Questions

question 116

Multiple Choice

Use the following to answer questions:
Scenario: Betty's Cookie Shop
Betty runs a cookie shop where she sells cookies for $1 each. She employs five people, each of whom worked a total of 500 hours last year; she paid them $10 per hour. Her costs of equipment and raw materials add up to $75,000. Her business ability is legendary, and other companies have offered to pay Betty $100,000 to come to work for them. She also knows she could sell her cookie shop for $150,000. The bank in town pays an annual interest rate of 3% on all funds deposited with it.
-(Scenario: Betty's Cookie Shop) Given the information provided, Betty's implicit costs are:

• A) her salary if she worked elsewhere and interest she forgoes by not selling her shop and putting the money in the bank.
• B) the cost of labor, equipment, and raw materials.
• C) the revenue she receives from selling her cookies plus the cost of labor, equipment, and raw materials.
• D) revenue she receives from selling her cookies and her labor costs.

Differentiate between implicit and explicit processes in shaping attitudes and behaviors.

Understand the concept of heuristics and their role in decision-making.

Grasp the significance of nonconscious processes in social cognition.

Distinguish between and understand the roles of the experiential and cognitive systems in processing information.

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Definitions:

Unconditioned Response

A spontaneous, innate response to a stimulus that happens without any previous conditioning or learning.

Operant Conditioning

An approach to education that utilizes incentives and penalties to shape behavior.

Instrumental Conditioning

A learning process in which an individual alters behavior due to the association of actions with punishments or rewards.

Classical Conditioning

The process of learning where, through continuous pairing, a reaction initially provoked by the second of two stimuli is eventually provoked by the first stimulus.