Which of the following is the fallacy in the fallacy of composition?
A. Whatever goes up must come down
B. Facts are more important than theories
C. What is true for the part is necessarily also true for the whole
D. If event B occurs after event A, event A must have caused event B
Answer: C
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Although GDP is not the same as economic well-being, high levels of GDP are positively correlated with all of the following except:
A. longer life expectancies. B. higher rates of infant mortality. C. higher material standards of living. D. higher rates of literacy.
If nominal GDP is 100,000 and real GDP is 80,000, the GDP deflator is 115
Indicate whether the statement is true or false
A special interest issue is best described as: a. one in which both sides utilize paid lobbyists to represent them
b. one which one party strongly supports and the other party strongly opposes. c. one in which a large number will each suffer small costs and a small number will each receive large benefits. d. one decided in a special session of the legislature.
Which of the following is not correct?
a. The consumer price index gives economists a way of turning dollar figures into meaningful measures of purchasing power. b. The consumer price index is used to monitor changes in the cost of living over time. c. The consumer price index is used by economists to measure the inflation rate. d. The consumer price index is used to measure the quantity of goods and services that the economy is producing.