Related to the Economics in Practice on Page 28: How

question 75

Multiple Choice

Related to the Economics in Practice on page 28: How did the introduction of the microwave in 1960 affect the market for frozen food?

• A) It encouraged people to leave the work force by making cooking easier and less time-consuming.
• B) It reduced the opportunity cost of eating frozen food by decreasing the amount of time required to prepare frozen meals.
• C) It increased the financial cost of alternative methods of food preparation, such as conventional ovens.
• D) It made frozen foods more appealing by increasing the variety of meals that could be frozen and reheated.

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Definitions:

Employee's Abilities

The skills and competencies that individuals bring to their job roles within an organization.

Executive Decisions

High-level choices or judgments made by senior management in an organization, often involving strategic directions, policy formulations, and the allocation of significant resources.

Perceptual Errors

are mistakes in judgment that occur when an individual misinterprets sensory stimuli and information from the environment.

Stereotyping

Assigning fixed, generalized attributes to a group of people, often leading to prejudice and discrimination.