Debbie observes that leaves fall from trees before the fist day of winter, and concludes that the falling leaves cause winter to begin. This is an example of
A. Ockham's razor.
B. the post hoc, ergo propter hoc fallacy.
C. ceteris paribus.
D. the fallacy of logic.
Answer: B
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Average cost
a. is always larger than marginal cost. b. declines for some range of output, hits a minimum, and then increases. c. is always smaller than marginal cost. d. is total cost/price of the product.
Suppose a consumer buys pizza (P) and soft drinks (S). The price of pizza is $10, the price of soft drinks is $2 and the consumer's income is $100. If pizza is measured on the vertical axis and soft drinks are measured on the horizontal axis, then the consumer's budget constraint is given by:
A. P = 10 - (1/5)S B. S = 10 - (1/5)P C. P = 100 - 5S D. P = 10 - 5S
National defense argument, infant industries argument, and declining industries argument are arguments in favor of trade restrictions
Indicate whether the statement is true or false
A permanent reduction in inflation would
a. permanently reduce menu costs and permanently lower unemployment. b. permanently reduce menu costs and temporarily raise unemployment. c. temporarily reduce menu costs and temporarily lower unemployment. d. temporarily reduce menu costs and temporarily raise unemployment.