Marco observed that every time the temperature rises above 90 degrees, he forgets to take out the trash. Based on this observation he concluded that temperatures above 90 degrees result in temporary memory loss. In actuality, Marco
A. committed the fallacy of logic.
B. showed good reasoning relating to the relationship between temperatures and memory.
C. was confusing causality.
D. committed the ceteris paribus error.
Answer: C
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When oligopolistic firms interacting with one another each choose their best strategy given the strategies chosen by other firms in the market, we have
a. a cartel. b. a group of oligopolists behaving as a monopoly. c. a Nash equilibrium. d. the perfectly competitive outcome.
Which of the following represent the national savings and investment identity - Supply of financial capital = Demand for financial capital - expressed in algebraic terms?
a. (M-X) = I - S - (T-G) b. S + (M-X) = I + (G-T) c. X - M = S + (G-T) - I d. I - S - (T-G) = (M - X)
New Keynesians conclude that
A) appropriate activist policies will increase the length of cyclical fluctuations. B) appropriate activist policies will have an known effect on the length of cyclical fluctuations. C) appropriate activist policies can dampen cyclical fluctuations. D) none of the above.
If the graph shown represents Tina's budget constraint, which of the following consumption bundles can Tina not afford?
A. Three pairs of earrings and four hairbands
B. Two pairs of earrings and four hairbands
C. No earrings and six hairbands
D. Cannot answer this question without knowing Tina's income and the prices of the two goods