(Last Word) Which of the following best illustrates the post hoc, ergo propter hoc fallacy?
A. Because it was 90 degrees today, I worked up a sweat playing tennis.
B. I took the day off work to go to the beach and that's why it rained.
C. Because it rained at the football game, my new sweater got wet.
D. Because I have studied diligently this semester, my grade average has improved.
Answer: B
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The above figure shows a perfectly competitive firm. If the market price is $10, the firm
A) is incurring an economic loss. B) is making an economic profit. C) is making zero economic profit. D) will immediately shut down. E) might shut down but more information is needed about the AVC.
The short-run relationship between inflation and unemployment is often called
a. the Classical Dichotomy. b. Money Neutrality. c. the Phillips curve. d. None of the above is correct.
A superior level of technology is an important reason the productivity of workers in rich countries is high.
Answer the following statement true (T) or false (F)
An upward shift of the consumption function might be caused by _____
Fill in the blank(s) with the appropriate word(s).