Psychologists explain that humans’ better recall of information that is presented visually compared to information presented verbally is due to the fact that the information is stored both visually and verbally. Because it is stored using this dual-coding process, it is easier to retrieve from memory. This formal logical explanation of this phenomenon is an example of a(n)

Mankiw attributes – chapter 1 and his 10 principles – differences in living standards within a countryover time and across countries at a moment in time to: a. the presence or absence of inflation and unemployment. b. the allocation of resources between private markets and the public sector. c. those that have dealt successfully with the efficiency v. equality tradeoff and those that haven’t. d. differences in productivity. e. ones that think at the margin and respond to incentives and those that don’t.