You always have math problems to work in class whenever you forget to bring your calculator to school. Concluding that forgetting your calculator causes your professor to assign math problems is an example of the
A. fallacy of logic.
B. post hoc, ergo propter hoc fallacy.
C. ceteris paribus conditions.
D. fallacy of inductive reasoning.
Answer: B
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A country has an absolute advantage in the production of a good if that country
a. can produce the good using fewer resources than another country would require b. has the lowest opportunity cost of producing the good and can produce it with the fewest resources c. has the lowest opportunity cost of producing the good regardless of whether it is produced with the fewest resources d. has the greatest opportunity cost of producing the good regardless of whether it is produced with the fewest resources e. has the greatest opportunity cost of producing the good and produces it with the fewest resources
Answer the following statement(s) true (T) or false (F)
1. The production possibilities curve highlights the concept of trade-offs 2. An economy operating inside the production possibilities curve is efficient. 3. Misallocation of resources can lead to inefficiency. 4. If an economy uses all its resources efficiently, it will operate at a point beyond its current production possibilities curve.
According to below graph, at what point is there no longer any marginal utility for eating pizza?
a. fourth slice
b. fifth slice
c. sixth slice
d. seventh slice
Compared to the distribution of money income, the distribution of wealth is
A. a little more equal. B. much more equal. C. much less equal. D. about the same.