Pavlov Was the First Psychologist to Receive the Nobel Prize

question 86

True/False

Pavlov was the first psychologist to receive the Nobel Prize for his groundbreaking research on classical conditioning.

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Definitions:

Opportunity Cost

The act of selecting one alternative leads to the loss of possible gains that could have been obtained from other options.

Comparative Advantage

The ability of an individual, firm, or country to produce a good or service at a lower opportunity cost than others, leading to more efficient trade possibilities.

Absolute Advantage

The ability of a country or entity to produce a good more efficiently (using fewer resources) than another country or entity.

Economic Efficiency

A condition where resources are allocated in a way that maximizes the production of goods and services at the lowest cost to society.