I understand that the motive behind those interview questions is for the hirer to gage understanding of the world of web development.

However, I haven't used Agile or Waterfall.  I don't want to invest too much of my time in learning every framework that comes in and out of fashion.  I can do my best to gloss over what each seeks to do.  In the case an interviewer asks me a similar question, how should I best prepare with these parameters in mind?
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