Identify the error in judgment in each of the following statements: I. "If you leave a concert during the encore, you will avoid traffic and get home more rapidly; therefore everyone should leave during the encore." II. "Whenever I wear my lucky baseball cap to an exam, I receive an "A." My baseball cap must induce the teacher to give me good grades."
Statement I is an example of the fallacy of composition.
Statement II is an example of confusing association with causation.
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Producers of tablet computers will be able to lower the wage rate that they pay to their workers. You are asked to predict the effects on the supply of tablet computers, and the price of a tablet computer. You predict that the supply curve shifts
A) rightward, and the price is constant. B) leftward, and the price is constant. C) rightward, and the price falls. D) leftward, and the price rises.
What is the relationship between average total cost and marginal cost?
What will be an ideal response?
Assume that, for a particular demand curve, when price rises from $50 to $60, total revenue falls from $8,750 to $7800
a. Based on this information, what is the quantity demanded at each price. b. Without calculating the coefficient of elasticity, is demand over this range elastic or inelastic? How do you know?
If nominal gross domestic product (GDP) for a particular year is $6 trillion and real gross domestic product (GDP) for that year is $5 trillion, then the GDP price index for that year is _____
a. 1.2 b. 17 c. 20 d. 83 e. 120