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. fallacy of logic.
B. post hoc, ergo propter hoc fallacy.
C. fallacy of inductive reasoning.
D. ceteris paribus fallacy.
Answer: B
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As more of a good is produced, its opportunity cost tends to increase because resources are not equally efficient at producing all goods
a. True b. False Indicate whether the statement is true or false
Union leaders who focus on increasing the size of their union will be aggressive in demanding higher wages
a. True b. False Indicate whether the statement is true or false
________: the change in total cost of production as the output or total product of the business is expanded
Fill in the blank(s) with correct word
As more people imported cars from abroad, service facilities became widely available. This increased the value of imported cars to those who owned one. This is an example of a(n) ________
A) pecuniary externality B) network externality C) moral hazard D) adverse selection