The statement that "since a farmer will make more money if he has a bumper crop means that all farmers would make more money if they all had bumper crops" would be an example of which of the following?
A. the fallacy of composition
B. truth in an obvious form
C. the fallacy that correlation is the same as causation
D. A) and B)
Answer: A
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In reality, a manger ________ be able to maximize the firm's profit period to period due to ________ changes to a firm's demand and/or cost.
A) will; known B) will not; random C) will not; known D) will; random
Comparative advantage indicates that:
a. specialization and exchange will cause trading partners to reduce their joint output. b. a nation can gain from trade even when it is at an absolute disadvantage in producing all goods. c. trade with low-wage countries will pull down the wages of workers in high-wage countries. d. all of these.
The record of all transactions with foreign nations that involve the exchange of merchandise goods and services or unilateral gifts is called the: a. capital account
b. current account. c. balance of trade. d. balance of payments.
Price discrimination occurs when
a. firms maximize their profit by setting price equal to marginal cost. b. a seller charges different prices to different consumers for the same product or service. c. a seller charges the same price to consumers for a different product or service. d. a seller charges different prices to consumers, discriminating by race or gender of the consumer.