Table 3-3 -Refer to Table 3-3

question 8

Multiple Choice

Table 3-3
$\begin{array}{|l|c|c|c|c|}\hline&\text { Hours needed to make one unit of: }&&\text { Amount produced in } 2400 \text { hours: }\\\hline & \text { Cars } & \text { Aeroplanes } & \text { Cars } & \text { Aeroplanes } \\\hline \text { US } & 40 & 160 & 60 & 15 \\\hline \text { Europe } & 50 & 150 & 48 & 16 \\\hline\end{array}$
-Refer to Table 3-3.If the US and Europe trade according to the principle of comparative advantage, Europe will export what product to the US?

• A)cars
• B)both aeroplanes and cars
• C)aeroplanes
• D)Europe should buy both products from the US

Understand the principles underlying operant conditioning.

Define and differentiate between unconditioned and conditioned stimuli and responses.

Recognize the experimental apparatus used in key studies of learning (e.g., Skinner box, puzzle box).

Explain the concept of the Law of Effect and its significance.

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Definitions:

Analysis

The process of examining data or details in order to understand or explain them, typically used to solve problems or make decisions.

Costs Equals Revenues

This refers to a break-even point where the amount of money a company makes from selling goods or services equals the amount it costs to produce them.

Break-even Analysis

An examination to determine the point at which revenue received equals the costs associated with receiving the revenue.

Capacity Decision

Decision-making relating to the amount of resources, such as production volume or manpower, necessary to meet a specified demand.