Robert McTeer,the Former President of the Federal Reserve Bank of Dallas,asserted

question 140

Multiple Choice

Robert McTeer,the former President of the Federal Reserve Bank of Dallas,asserted in a commencement address that the study of economics

• A)is more beneficial to those who are just starting their careers than to those who have moved up the career ladder.
• B)helps students understand fallacies and unintended consequences.
• C)has an unintended consequence itself, and it is that even serious students of economics usually fall for the broken window fallacy.
• D)All of the above are correct.

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Definitions:

Reinforcement

In behavioral psychology, it refers to a stimulus or event that increases the likelihood of the recurrence of a particular behavior.

Punishment

A negative consequence applied following an undesired behavior to decrease the likelihood of that behavior occurring again.

Extinction

The process by which a previously learned behavior diminishes in frequency or disappears as a result of the absence of reinforcement.

Spontaneous Recovery

A phenomenon in classical conditioning where a previously extinguished response re-emerges after a period of non-exposure to the conditioned stimulus.