Which of the Following Terms Refers to the Thinking or Mental

question 62

Multiple Choice

Which of the following terms refers to the thinking or mental processes that go on as we process and store things that can become knowledge?

• A) Cognition
• B) Schema
• C) Affect
• D) Synergy
• E) Internalization

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Definitions:

Quantity Effect

The change in total revenue resulting from a unit change in quantity sold, while holding price constant.

Price Effect

Describes how changes in prices impact the quantity supplied and demanded in a market.

Downward-Sloping Demand

A market condition reflected in a demand curve where the quantity demanded of a good decreases as the price of that good increases, and vice versa.

Total Surplus

The sum of consumer and producer surplus; a measure of the overall benefit to society from a market transaction.