What Are the Three Steps in Memory Information Processing

question 93

Multiple Choice

What are the three steps in memory information processing?

• A) input, storage, retrieval
• B) encoding, storage, retrieval
• C) encoding, retrieval, storage
• D) input, processing, output

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Definitions:

Actual Output

The total value of goods and services produced by an economy at a given period, also known as real GDP.

Aggregate Supply

The total supply of goods and services produced within an economy at a given overall price level and in a given time period.

Price Level

The average of current prices across the entire spectrum of goods and services produced in the economy, often used as a measure of inflation.

Expected Price Level

The anticipated average level of prices in the economy for goods and services, as predicted by consumers and businesses.