How to add Javascript in Drupal 7 with jQuery

I thought this would be an easy one. Not so. What works in Drupal 6 doesn't necessarrily work in Drupal 7. Let's take a simple example. How about a script that allows you to show/hide one or more paragraphs. I did a quick Google search and found numerous examples. Here's the one I picked & slightly modified for the sake of clarity.

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