Troy Has Learned About Being a Cost Estimator by Hearing

question 18

Multiple Choice

Troy has learned about being a cost estimator by hearing his father discuss his work at home. According to Krumboltz, this is an example of a(an)

• A) associative learning experience.
• B) instrumental learning experience.
• C) random skills.
• D) none of the above.

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Definitions:

Opportunity Cost

The value of the best alternative that is forgone in making any choice or decision.

Terms of Trade

The ratio between a country's export prices and its import prices, indicating the quantity of imports goods a country can purchase through the sale of its exports.

Supply and Demand

Fundamental economic model describing how prices vary as a result of a balance between product availability and consumers' purchasing desires.

Opportunity Cost

The financial loss associated with rejecting the subsequent preferable choice when deciding or selecting amongst various options.