The economy was expanding during all of the years that I was a student, but as soon as I graduated, the economy contracted. Therefore, the labor market was waiting until I started looking for a job to contract. This statement is an example of the
A. fallacy of inductive reasoning.
B. fallacy of logic.
C. post hoc, ergo propter hoc fallacy.
D. ceteris paribus fallacy.
Answer: C
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If ‘C' denotes consumption expenditure, ‘I' denotes investment expenditure, ‘G' denotes government expenditure and ‘X' denotes net exports, then C + I + G + X equals:
a. net national product. b. disposable personal income. c. net exports. d. personal income. e. gross domestic product.
Who owns a commercial bank?
a. Its depositors b. Its stockholders c. Lenders d. Savers e. The Federal Reserve
A monopolist earns $1,000,000 economic profit in the short run producing 25,000 units of a good. The marginal revenue of the 25,000th unit is $23 and the marginal cost is $30 . What should the monopolist do?
a. raise price and produce less than 25,000 units b. lower price and produce less than 25,000 units c. raise price and produce more than 25,000 units d. lower price and produce more than 25,000 units e. produce more than 25,000 units at the same price
Product differentiation that makes the product ________ is horizontal differentiation.
A. better than a rival's product from everyone's perspective B. less expensive to produce than the rival's product C. better for some consumers and worse for others D. more similar to the rival's product