Whenever the Democrats gain control of the Congress, spending on social programs increases; whenever Republicans gain control of the Congress, spending on defense increases. Hence, we know what the next party in control will do. This statement is an example of the
A. post hoc, ergo propter hoc fallacy.
B. ceteris paribus fallacy.
C. fallacy of inductive reasoning.
D. fallacy of stability.
Answer: A
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If a deal looks too good to be true
a. The seller most likely made a mistake b. Be cautious. It probably is too good to be true c. Trust the seller to give you a good deal d. A good deal is a good deal. Go for it.
John is buying a scented candle for his girlfriend. John thinks about her flower-scented perfume, flower-scented air spray, and flower-scented shampoo. He decides to buy her a flower-scented candle. His behavior is:
A. using a heuristic called a rule of thumb. B. an example of the endowment effect because she already has flower-scented goods. C. an example of loss aversion because he doesn't want to make the wrong choice. D. an example of status quo bias because he doesn't want to deviate from her normal choice of scent.
The simultaneous import and export of goods in the same industry by a particular country is known as interindustry trade
a. True b. False Indicate whether the statement is true or false
The marginal productivity theory of distribution holds that
A. each factor is paid what it deserves. B. the owner of each factor is paid the amount that the factor contributes to earnings. C. each factor’s income depends on how hard it works. D. each factor receives an equal share of the revenue from production.