Statement I: the Water-Diamond Paradox Can Be Resolved Using Utility

question 107

Multiple Choice

Statement I: The water-diamond paradox can be resolved using utility theory.
Statement II: If the price of water was high and the price of diamonds was low,there would be no water-diamond paradox.

• A)Statement I is true and statement II is false.
• B)Statement II is true and statement I is false.
• C)Both statements are true.
• D)Both statements are false.

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Definitions:

Concrete-Operations

A stage in Piaget's theory of cognitive development where children gain the ability to think logically about concrete events.

Preoperational Child

Refers to the stage in Piaget’s theory of cognitive development (ages 2-7) where children begin to use language and think symbolically, but their thinking is still intuitive and egocentric.

Conservation

The principle of saving natural resources to prevent depletion and harm to the environment.

Formal Operations

The final stage of cognitive development in Piaget's theory, characterized by logical, systematic thinking and abstract reasoning.