Refer to Scenario 1.2 below to answer the question(s) that follow.SCENARIO 1.2: A scientist wants to understand the relationship between automobile emissions and the level of global warming. The scientist collects data on the volume of automobile emissions and the levels of global warming over time. The scientist concludes that a 1% increase in automobile emissions causes a 0.0003% increase in average global temperatures. From this information he concludes that the automobile emissions are harmful to the environment and should be reduced to stop the increase in global temperatures.Refer to Scenario 1.2. The statement that an increase in automobile emissions causes an increase in global warming is an example of
A. an economic theory.
B. normative economics.
C. deductive reasoning.
D. a fallacy.
Answer: A
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If the price of iPods decreases,
A) there will be a movement up along the supply curve for iPods. B) there will be a rightward shift in the iPod supply curve. C) the supply curve for iPods shifts leftward. D) there has been a decrease in the price of iTunes songs. E) there will be a movement down along the supply curve for iPods.
The primary market is where:
a. Debt and equity instruments are bought and sold after they are first issued. b. Primary real assets are linked with primary financial assets. c. Central banks and governments perform their pump-priming activities. d. Debt and equity instruments are bought and sold when they are first issued. e. None of the above.
If inflation is expected by both borrowers and lenders, then we would expect
A. real rates to be higher than nominal rates of interest. B. real rates to be equal to nominal rates of interest. C. real rates to be lower than nominal rates of interest. D. nominal rates of interest to be less than the expected inflation rate.
Suppose in a democratic society, all voters prefer choice G over choice B; however, when the two choices are presented along with a third choice, R, B wins the election. This violates the assumption of
A) transitivity. B) non-dictatorship. C) independence of irrelevant alternatives. D) completeness.