Use the Information Below to Answer the Following Questions

question 23

Multiple Choice

Use the information below to answer the following questions.
Fact 10.2.1
Consider the following three methods of preparing your tax return. Method A uses a personal computer (cost equal to $1,000) and 1 hour of your time. Method B uses a calculator (cost equal to $30) and 12 hours of your time. Method C uses pen and paper (cost equal to $1) and 2 days (16 hours) of your time.
-Consider Fact 10.2.1. Choose the best statement.

• A)When your wage rate is $5 per hour, the economically efficient method is method C.
• B)When your wage rate is $50 per hour, the economically efficient method is method B.
• C)When your wage rate is $500 per hour, the economically efficient method is method A.
• D)all of the above
• E)B and C only

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Definitions:

Retrieval Cues

Stimuli or reminders that facilitate the recall of information stored in memory.

Rehearsal

A cognitive process involving the repetition of information to improve memory retention.

Encoding

The initial process of converting information into a form that can be stored in memory, involving transforming sensory input into meaningful data.

Memory Consolidation

The process through which initial fragile memories are transformed into stable, long-term memories.