The fallacy of composition refers to the false assumption:
A. that what is true for a part will also be true for the whole.
B. that if A happens before B, then A caused B.
C. of all other things held constant.
D. that what is true for the whole must also be true for a part.
Answer: A
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Economic analysis and policy are made more difficult by
A. having so much data to work with. B. inadequate and imperfect information. C. an incomplete consensus on the basic goals of social policy. D. the lack of public interest and opinion on economic questions. E. the major economic problems society faces.
What can one learn from Figure 13-3 from the text, shown below?
What will be an ideal response?
Why is it that a firm will typically not pay for general training?
A. The skills gained from the general training are transferable to other firms. B. General training is expensive. C. The benefits of general training depreciate quickly. D. General training does not increase worker productivity. E. General training is free.
Suppose total planned expenditures equal $20 trillion when the value of the price level is 100. If the price level drops to 90, total planned real expenditures will equal
A) more than $20 trillion. B) $20 billion. C) less than $20 trillion. D) None of the above: Cannot be determined without additional information.