The prevalence of Alzheimer's dementia is very high among residents living in nursing homes. A student concludes that it is likely that living in a nursing home causes Alzheimer's dementia. What is the flaw in the student's reasoning?
A) The student has failed to take into account other causes of Alzheimer's disease.
B) The student is drawing a false conclusion; he is confusing cause and effect.
C) The student is using an inadequate sample size.
D) The student is drawing a false conclusion by making the mistake of omitting critical variables such as the age and gender of the residents.
Answer: B
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Which of the following statements regarding a competitive firm is correct?
a. Because demand is downward sloping, if a firm increases its level of output, the firm will have to charge a lower price to sell the additional output. b. If a firm raises its price, the firm may be able to increase its total revenue even though it will sell fewer units. c. By lowering its price below the market price, the firm will benefit from selling more units at the lower price than it could have sold by charging the market price. d. For all firms, average revenue equals the price of the good.
According to the idea of laissez faire
A. Markets lead to efficient economic outcomes B. Business should not interfere in markets C. Markets require govt intervention for efficiency D. Markets lead to equilibrium E. As much as possible, govts should not interfere with markets
Colluding oligopolists face a conflict between maximizing joint market profit or their own market share.
Answer the following statement true (T) or false (F)
For the U.S. economy, the largest expenditure category is:
A) government expenditures. B) net export expenditures. C) personal consumption expenditures. D) investment expenditures.