The mistake of inferring causality from two events happening one after the other is called
A. the fallacy of co-dependence.
B. the post hoc, ergo propter hoc fallacy.
C. Ockham's razor.
D. the fallacy of composition.
Answer: B
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Which of the following statements is true?
A) Defending an overvalued currency is easier than defending an undervalued currency. B) Defending an undervalued currency is easier in the short run than in the long run. C) The nominal exchange rate is the ratio of the same basket of goods in two countries. D) The real exchange rate is calculated by dividing the nominal exchange rate by the inflation rate.
A monopolistically competitive market has characteristics that are similar to
a. a monopoly only. b. a competitive firm only. c. both a monopoly and a competitive firm. d. neither a monopoly nor a competitive firm.
Referring to a production possibilities curve and the goods being compared, depict the economic event. Millions of immigrants came to the United States in the second half of the 19th century to work on the transcontinental railroad (capital goods vs. consumer goods).
A. A movement from a point inside the curve to a point on or near the curve B. A movement from a point on or near the curve to a point inside the curve C. A shift in the entire curve to the right (outward) D. A shift in the entire curve to the left (inward)
Because there are costs to migration:
A. complete wage equalization is unlikely to occur, even if national governments impose no restrictions on migration. B. Migrants are more likely to move to countries far from their origin nation. C. Migrant and domestic-born workers are unlikely to be substitute resources. D. Wage equalization will only occur if migrant and domestic-born workers are complementary resources.