It always rains about an hour after you finish washing your car. Concluding that washing your car caused it to rain is an example of the
A. post hoc, ergo propter hoc fallacy.
B. ceteris paribus conditions.
C. fallacy of inductive reasoning.
D. fallacy of logic.
Answer: A
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Answer the following statement(s) true (T) or false (F)
1. Firms are so diverse in size and organization that it is not possible to make any general statements about their behavior. 2. Economists attempt to understand firm behavior by making the generalization that firms act to maximize growth. 3. In order to maximize profits, firms should produce to the point where marginal revenue is equal to marginal cost. 4. If the total benefits received from drug enforcement exceed its total costs, then the government should expand its drug enforcement activity. 5. Total cost and marginal cost can both be plotted on the same graph since both include a measure of quantity.
The percentage of American families with incomes below the poverty line was ________ in 1960 and ________ in 2010
A) 10.1%; 10.7% B) 8.7%; 13.9% C) 18.1%; 11.8% D) 26.8%; 48.3%
The aggregate demand curve shows that, if other factors are held constant, a
A) higher price level results in a decrease in the quantity of real GDP demanded. B) higher price level results in an increase in the quantity of real GDP demanded. C) higher price level results in a lower interest rate. D) lower price level results in a higher interest rate.
Extrapolative expectations work when prices are rising, but not when prices decline.
Answer the following statement true (T) or false (F)