Both minivan sales and birth rates are on the rise. The conclusion that minivans cause people to have children is an example of making the mistake of:
A. reverse causality.
B. omitted variables.
C. correlation without causation.
D. extrapolation.
Answer: A
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A time-series graph measures
A) the value of one variable against the value of another variable. B) the value of an economic variable for different groups in a population at a point in time. C) time on the x-axis and the variable or variables in which we are interested on the y-axis. D) time on both the x-axis and y-axis and the variable or variables in which we are interested in the rest of the figure. E) time on the y-axis and the variable or variables in which we are interested on the x-axis.
Because of diminishing marginal utility, total utility always decreases when additional amounts of a commodity are consumed.
Answer the following statement true (T) or false (F)
The ordering of market structures from most market power to least market power (where market power is the ability to set its own price) is:
a. monopoly, monopolistic competition, oligopoly, perfect competition. b. perfect competition, monopolistic competition, oligopoly, monopoly. c. oligopoly, monopoly, monopolistic competition, perfect competition. d. monopoly, oligopoly, monopolistic competition, perfect competition. e. monopoly, perfect competition, monopolistic competition, oligopoly.
When the interest rate is higher, the difference between the value of money today and tomorrow is smaller
a. True b. False Indicate whether the statement is true or false