The post hoc, ergo propter hoc fallacy consists of:
A. Using an example to "prove" a different point
B. Inferring causality from chronological sequence
C. Jumping to conclusions from an inadequate number of cases
D. Arguing for or against a person's character rather than his view or opinion
Answer: B
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Tariffs ________ the domestic price of the good and import quotas ________ the domestic price of the good
A) lower; lower B) lower; raise C) raise; lower D) raise; raise
In the New Keynesian model, if there is a decrease in anticipated future total factor productivity, then
A) there should be no change in monetary or fiscal policy. B) the central bank's interest rate target should be increased. C) government spending should fall, and the central bank's interest rate target should rise. D) government spending should increase.
An offer is the right but not the obligation to buy or sell foreign currency.
a. true b. false
A classical economy is described by the equationsAD: Y = 1000 + 100M/PAS: 
= 1500The real exchange rate is 3 bushels/bottle, the domestic nominal money supply is 30 florins, and the foreign price level is 8 crowns/bushel.(a)What is the nominal exchange rate?(b)If the government wants to maintain an official nominal exchange rate of 6 crowns/florin, what must the nominal money supply be?
What will be an ideal response?