A. "after this, therefore because of this" fallacy. B. correlation fallacy. C. fallacy of composition. D. fallacy of limited decisions
A. positive statements are always followed by normative judgments.
B. positive statements can never be proven true or false.
C. if one acts on one's expectations, those expectations will always be fulfilled.
D. cause and effect can be determined merely by observing the sequence of events.
Answer: D
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Real GDP decreases during
A) the movement from trough to peak. B) the movement from below potential GDP back to potential GDP. C) the movement from peak to trough. D) a decrease in unemployment.
Which of the following lists has variables that all shift a good's demand curve?
A) price of the good, preferences, prices of substitution goods, income B) income, preferences, number of buyers, price of complementary good C) expectation of future price, price of the good, number of buyers, income D) Both answers A and B are correct.
Explain what the phrase "price rationing" means
What will be an ideal response?
The division of the burden of a tax between buyers and sellers in a market is called tax incidence
Indicate whether the statement is true or false