An Economy Is Efficient If One Person Can Be Made

question 38

True/False

An economy is efficient if one person can be made better off by reallocating resources without making anyone else worse off.

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Definitions:

Sensory Memory

The shortest-term element of memory, it allows individuals to retain impressions of sensory information after the original stimulus has ceased.

Atkinson And Shiffrin

A model of memory proposed by Richard Atkinson and Richard Shiffrin in 1968, describing memory in terms of three stores: sensory memory, short-term memory, and long-term memory.

Long-Term Memory

The relatively permanent and limitless storehouse of the memory system. Includes knowledge, skills, and experiences.

Working Memory

A short-term memory system involved in the temporary storage and manipulation of information necessary for complex cognitive tasks like learning, reasoning, and comprehension.