Which of the following best illustrates the fallacy of composition?
a. I hate driving to work when the traffic is so heavy, so I decide to leave 30 minutes earlier than in the past. If everyone were to leave 30 minutes earlier for work, we'd all get to work faster.
b. A great many people have been immunized against polio because it can be such a devastating disease. As a result, I probably do not personally need to be immunized against polio.
c. Whenever I attend a baseball game at the local stadium, the home team wins. Therefore, if I attend all of the team's local games, they will achieve a perfect winning record at home.
d. The parking at Ohio State University is in short supply on the main campus. It would be better for more people to ride the bus to school.
a
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If a firm is experiencing diseconomies of scale, its long-run average cost curve is increasing
Indicate whether the statement is true or false
Why do both households and societies face many decisions?
a) because resources are scarce b) because populations may increase or decrease over time c) because wages for households and therefore society fluctuate with business cycles d) because people, by nature, tend to disagree
Net exports are
A. The value of exports minus the value of imports. B. Not included in GDP. C. Exports that ultimately are imported back into the United States. D. Goods sold to foreigners.
If the market demand and the market price for a product increase, then the reaction of companies that manufacture this product
A. will be dependent on the prevailing tax system. B. will be dependent on the government regulatory mission. C. will depend on whether or not the organization is attuned to market incentives. D. will be identical.