The statement that "since a farmer will make more money if he has a bumper crop means that all farmers would make more money if they all had bumper crops" would be an example of which of the following?
A. truth in an obvious form
B. the fallacy of composition
C. the fallacy that correlation is the same as causation
D. none of the options are correct
Answer: B
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Refer to the scenario above. Which of the following will happen if she puts him into a day care?
A) The country's GDP will decrease by $12,000. B) The country's GDP will increase by $12,000. C) The country's GDP will remain unchanged. D) The country's trade deficit will increase by $12,000.
Explain the reason why the debt-to-GDP ratio in the United States is expected to explode between now and the year 2042
What will be an ideal response?
Drug companies protect their monopolies over various drugs they develop by utilizing
A) patent protection. B) low cost production. C) diseconomies of scale. D) zero economic profits in the long run.
Suppose the Fed announced a policy of rapid growth in the money supply in 2004, but then put the brakes on money expansion without any announcement. If in 2005, Fed officials announce again that an expansion is planned, it is most likely that:
a. people will believe in the announcement since the conditions that created a need for the expansion are probably still in effect. b. people will believe in the announcement since they consider that having failed to implement the expansion previously, the Fed still plans to do so. c. people will not believe in the announcement since they consider that the conditions that created a need for the expansion must have changed in the meantime. d. people will not believe in the announcement since they consider that having failed to implement the expansion previously, the Fed will probably fail again e. there will be further uncertainty about the Fed following through on the policies it announces.