Whenever a former governor is elected president, the unemployment rate decreases; whenever a former congressman is elected president, the inflation rate increases. This statement is an example of
A. ceteris paribus fallacy.
B. fallacy of logic.
C. post hoc, ergo propter hoc fallacy.
D. fallacy of inductive reasoning.
Answer: C
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Total income in a country in 2012 is $780 billion. Total expenditure in the country
A) cannot be determined. B) is greater than $780 billion. C) is $780 billion. D) is less than $780 billion. E) is either less than or equal to $780 billion.
Suppose recent and widely circulated medical article reports new benefits of cycling exercise. Simultaneously, the price of the parts needed to make bikes falls. If the change in supply is greater than the change in demand, the price will _________ and the quantity will _________
a. Rise, rise b. Rise, fall c. Fall, rise d. Fall, fall
Scarcity:
a. ensures that people become satisfied with less than what they want. b. exists only during a recession. c. exists only in some countries. d. affects only poor people. e. requires people to make choices to satisfy their wants.
As we move downward and to the right along a linear, downward-sloping demand curve,
a. both slope and elasticity remain constant. b. slope changes but elasticity remains constant. c. both slope and elasticity change. d. slope remains constant but elasticity changes.