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. ceteris paribus fallacy.
B. fallacy of logic.
C. post hoc, ergo propter hoc fallacy.
D. fallacy of inductive reasoning.
Answer: C
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If price is greater than average variable cost, a profit maximizing firm will always
A. where Total Revenue is maximized. B. produce where Average Total Cost is minimized. C. produce where Marginal Cost equals Marginal Revenue. D. produce where Marginal Cost is minimized.
Over the past 80 years, real GDP has
a. decreased in more years than it has increased b. increased dramatically c. increased slowly d. increased moderately e. been stable
If the federal government fails to reduce the nation's debt relative to income,
a. it will become easier to borrow in the global credit markets. b. the interest expenses on the outstanding debt will increase. c. the cost of holding outstanding debt will decrease. d. it will be easier to cover the interest on outstanding debt with tax revenues.
All of the following are keys to economic development EXCEPT
A. minimizing "creative destruction." B. open economies. C. establishment of a system of property rights. D. an educated workforce.