You always have math problems to work in class whenever you forget to bring your calculator to school. Concluding that forgetting your calculator causes your professor to assign math problems is an example of the
A. post hoc, ergo propter hoc fallacy.
B. fallacy of logic.
C. ceteris paribus conditions.
D. fallacy of inductive reasoning.
Answer: A
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Refer to Figure 7.1. Suppose that instead of $350, Angus earns only $250 by playing the bagpipes, but all other earnings remain the same. Who values the property rights to the air more?
A) Angus B) Dudley C) They value the property rights equally. D) Neither value the property rights.
A decrease in Social Security payments will
A) decrease export spending. B) decrease investment spending. C) decrease government spending. D) decrease consumption spending.
Ray, a marketer at a global firm, monitors the exchange rate of countries in which the firm sells its products. Ray is most likely concerned about changes in ________.
A) operating expenses B) exporting policies C) product demand D) quality control
If the demand curve for a firm is downward-sloping, its marginal revenue curve
A) will lie below the demand curve. B) will lie above the demand curve. C) is the same as the demand curve. D) is horizontal.