When the Hometown football team is winning by a lot of points after halftime, they often play their second and third team players. One of the coaches notices that when the third team plays that Oklahoma wins by a bigger margin than when just the first team plays. He recommends that the third team see more playing time as a result. What is wrong with his way of thinking?
a. association is not causation
b. it is a violation of ceteris paribus
c. the fallacy of composition
d. good intentions do not guarantee desirable outcomes
A
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Distinguish the current account from the financial account
What will be an ideal response?
In an economy without government or trade, it must be true that:
A. savings equals investment. B. consumption equals savings plus investment. C. consumption plus savings equal investment. D. consumption plus investment equal national savings.
Suppose the United States decides to impose a $1,000 tax on every Japanese minivan sold in the United States. This is an example of:
A. a tariff. B. free trade. C. comparative advantage. D. a quota.
Arbitrage ensures that the spot exchange-rate value of a currency will equal the forward exchange-rate value of the currency.
Answer the following statement true (T) or false (F)