What does the phrase "post hoc, ergo propter hoc" mean?
What will be an ideal response?
Literally it means, "after this (in time),therefore because of this." It is common error made in thinking about causation: If Event A happens before Event B, it is not necessarily true that A caused B.
You might also like to view...
________ is generated from taxing profits earned by firms
A) Excise tax B) Sales tax C) Corporate income tax D) Payroll tax
If the CPI rises from 206.7 to 212.7 between two consecutive years, by how much has the cost of living changed between these two years?
A) The cost of living has increased by 6%. B) The cost of living has increased by 12.7%. C) The cost of living has decreased by 6%. D) The cost of living has increased by 2.9%.
When Jaya Lewis was asked what it would take to get her to provide Eva Hillman an hour of tutorial lessons in economics, she replied,"$10.". So Eva said,"Fine, I'll pay you $10.". "No, no," Jaya, replied, the market price is $15!" Exasperated, Eva paid the $15 . Did Jaya change her mind about the price during the conversation?
a. Yes, she realized that Eva was willing to pay more so changed her asking price from $10 to $15. b. Yes, the $5 difference in price was obviously negotiable and Jaya went for the higher price c. No, Eva changed her mind. At first she was willing to pay $10 then decided to pay the $15. d. No, Eva was testing Jaya's willingness to supply tutorial lessons and discovered it was $15. e. No, it was simply a case of Jaya's opportunity cost being less than market price so Jaya ends up with a $5 producer surplus
The slope of the consumption function equals the marginal propensity to consume
a. true b. false