Which of the following is not an example of the fallacy of composition?
a. If I can get to work fastest by taking the interstate, so can everyone else.
b. If you can only get away from it all by going to Fairbanks, everyone who needs to get away should go to Fairbanks.
c. If the quickest way to get off a sinking ship is to run to the nearest lifeboat, all the passengers should do this.
d. If the best TV reception can be gotten with a Couch Potato antenna, then everyone should have a Couch Potato antenna.
e. If I can get a better view by standing up at the baseball game, everyone gets a better view by standing up.
D
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In the capital and financial account, the largest category of international transactions is
A) statistical discrepancy. B) net transfers. C) net interest. D) exports and imports. E) foreign investment in the United States.
Suppose that the price of an identical sport-utility vehicle is $32,000 in U.S. dollars in the United States and $32,000 in Canadian dollars in Canada
Suppose in addition that the exchange rate between Canada and the United States is one Canadian dollar equals $0.75 U.S. dollar. Does purchasing power parity hold for SUVs between the United States and Canada? A) Yes, because SUVs have the same price in each local currency. B) No, because SUVs are more expensive in Canada than the United States. C) No, because SUVs are more expensive in the United States than in Canada. D) Without knowing interest rates, we can't say.
Explain how price expectations can affect the supply of a product
What will be an ideal response?
Which of the following statements accurately characterizes the Homestead Act of 1862?
a. Southerner plantation owners were strongly opposed to the passage of this legislation. b. This legislation outlined the legal means by which a territory could become a state. c. Only farmers with families could purchase land made available by this legislation. d. This legislation made available some of the most fertile farming land in the U.S., yielding great benefits for small farmers.