Which of the Following Scenarios Illustrates the Functioning of Procedural

question 57

Multiple Choice

Which of the following scenarios illustrates the functioning of procedural memory?

• A) Kimberly memorizes the names of all the Nobel Prize winners of 2016.
• B) Nisha, who is in her fifties, flips through old family photo albums. She feels nostalgic about her childhood.
• C) Jessie loves collecting international stamps and browses through his collection once every week.
• D) Shirley, who is in her twenties, learnt to use the typewriter as a child. She finds that she can easily type on a computer keyboard.

Understand how changes in input prices affect a firm's production choices.

Identify how changes in technology or productivity impact production methods.

Distinguish between economic costs, total revenue, and profit in business operation contexts.

Apply the concept of average and marginal product to analyze production levels.

---

Definitions:

Periodic Inventory System

An accounting method where inventory and cost of goods sold are determined at the end of a period through a physical count.

FIFO Inventory

A method of inventory valuation where the first items produced or acquired are the first ones sold, FIFO stands for "First In, First Out."

Cost of Goods Sold

The total cost of all raw materials, labor, and overhead expenses incurred to produced goods that were sold during a particular period.

Perpetual Inventory System

An accounting method that continuously updates inventory records for purchases and sales in real-time.