Explain what post hoc fallacy means and give an example
What will be an ideal response?
Post hoc fallacy is a common error in thinking about causation. An example would be "if Event A happens before Event B, Event A must have caused Event B to occur".
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Suppose Germany's major companies are retailers and Japan's major companies are manufacturers of cheap goods that are sold by Germany's retailers. Which of the following is likely to arise with respect to trade between Germany and Japan?
a. A trade deficit on Germany's side b. A trade deficit on Japan's side c. A trade balance between the two countries d. A trade surplus in both countries
The tit-for-tat strategy only works for a prisoner's dilemma that:
A. has only one Nash equilibrium. B. does not have a Nash equilibrium. C. is played only one time. D. is repeated.
A characteristic of a public good is
A) rival consumption. B) the exclusion principle. C) the free-rider problem. D) clear property rights.
An economics professor has devised an interesting game to test the understanding of his students. He randomly selects two students from his class and gives a $50 bill to one of them
He then asks him what percentage of $50 he would give to his classmate. The first student can choose any percentage he wishes, while the second student can choose whether or not to accept the offer. If the second student does not accept the offer, the professor will take the bill back but if he accepts the offer, the money will be divided in the ratio decided by the first student. a) What is the likely outcome of this game if both the students value more money to less? b) What is the likely outcome of this game if the second student values fairness?