What Does the Term Technology Mean to an Economist

question 36

Multiple Choice

What does the term technology mean to an economist?

• A)The way various factors of production are combined to obtain output.
• B)The most recent methods of production.
• C)High-tech methods of production as found,for example,in the computer industry.
• D)The way in which products are allocated.

Understand the concept and process of classical conditioning.

Recognize the role of unconditioned and conditioned stimuli and responses in classical conditioning.

Differentiate between higher-order conditioning and other forms of classical conditioning.

Understand extinction and spontaneous recovery within classical conditioning.

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Definitions:

Effective Annual Rate

The real interest rate on an investment or loan, considering the effects of compounding over a one-year period.

Interest-Only

A loan payment option where the borrower is required to pay only the interest portion for a specific period.

Balloon Loan

A type of loan that typically requires small periodic payments and a large lump sum payment at the end of the loan term.

Amortized Loan

A loan with scheduled periodic payments that include both principal and interest.