An Instructor Studies His Class Roll for 15 Minutes on the First

question 254

Multiple Choice

An instructor studies his class roll for 15 minutes on the first day of class in an attempt to remember student names.The next day,he finds that he can only recall the names at the beginning of the roll.This BEST illustrates the _____ effect.

• A)recency
• B)primacy
• C)ordinal position
• D)serial position

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Definitions:

Endowment

An investment fund established by a foundation that makes consistent withdrawals from invested capital, often used by universities, nonprofits, and churches.

World Market

An international marketplace where goods, services, currencies, and other commodities are exchanged across borders.

Budget Line

A graphical depiction of all possible combinations of two goods that can be purchased with a given income and prices, reflecting the trade-offs and choices available.

Utility Function

A mathematical representation that describes how a consumer ranks different bundles of goods according to the level of satisfaction obtained from them.