Marco observed that every time the temperature rises above 90 degrees, he forgets to take out the trash. Based on this observation he concluded that temperatures above 90 degrees result in temporary memory loss. In actuality, Marco
A. committed the ceteris paribus error.
B. showed good reasoning relating to the relationship between temperatures and memory.
C. committed the fallacy of logic.
D. was confusing causality.
Answer: D
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A) $110. B) $120. C) $210. D) $310.
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Indicate whether the statement is true or false
Under the assumption of rational expectations, government fiscal and monetary policy changes are effective in the short run
A) all of the time. B) only when the short-run aggregate supply curve is the same as the long-run aggregate supply curve. C) only when the policy changes leave the position of the aggregate demand curve unaffected. D) only when the policy changes are unanticipated.
The large U.S. government budget deficits in the early 1980s were caused by
a. wasteful military spending b. declining transfer payments triggered by more expenditures on education and training c. President Reagan's attitude toward deficits d. a recession, expanded military spending, and income tax cuts e. recessionary gaps in GDP