According to the Marginal Productivity Theory of Income

question 44

Multiple Choice

According to the marginal productivity theory of income,

• A)the greater the quantity of resources owned by an individual, the greater his incentive to increase productivity and his income.
• B)the average income received by an individual who supplies resources is influenced by the resources owner's marginal productivity.
• C)the income received by an individual who supplies labour services equals the incremental benefit generated to the firm by that individual's labour.
• D)the income received by an individual who supplies labour services equals the profit generated to the firm by that individual's labour.

Explain the concept of biological preparedness and its relevance to learning and phobias.

Understand and describe the principles of learning that enhance self-control.

Explain the partial reinforcement effect and its relationship with extinction and continuous reinforcement within the context of operant conditioning.

Identify and describe mirror neurons and their significance in imitation and observational learning.

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Definitions:

Activity Variance

The difference between the budgeted cost of activity based on standard rates and the actual cost incurred.

Budgeting

The process of creating a plan to spend your money over a certain period, allocating funds to various activities or departments.

Customers Served

The number of unique clients or customers that a business or service has provided for over a specific period.

Revenue Variance

The variance between projected revenue and the actual income received.