A person who mistakenly assumes that because one event follows another, the second event results from the first commits the fallacy of:
A) division.
B) addition.
C) composition.
D) false cause.
Ans: D) false cause.
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Wealth is to ________ as capital stock is to ________
A) investment; saving B) saving; investment C) income; net investment D) income; earnings E) saving; depreciation
The table above gives the utility from pens and pencils. If the consumer has an income of $4, pens cost $1, and pencils cost $.20, which of the following combinations maximizes the consumer's utility?
A) 4 pens and 0 pencils B) 3 pens and 5 pencils C) 3 pens and 6 pencils D) no combination shown
A competitive equilibrium fails to be a Pareto Optimum with a distorting tax because
A) the consumer's budget constraint has an additional kink. B) the firm is no longer maximizing profits. C) the government wastes its revenue. D) the consumer faces a different effective wage than the firm.
In 2011, about ____ percent of employed wage and salary workers belonged to unions
A. 8.4 B. 5.5 C. 14.8 D. 11.8