Zachary notices that every time he washes his car, it rains the next day. He concludes that washing his car causes the next day's rain. Zachary is
A. very probably correct in his conclusion that washing his car causes the next day's rain to fall.
B. likely correct that there is causation, but the causation is more likely running in the opposite direction in that the upcoming rain was responsible for Zachary's decision to wash his car.
C. definitely confusing correlation with causation.
D. probably misguided in that there is no apparent correlation or causation in this situation.
Answer: D
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If a society produces at a point on the production possibilities frontier, this is consistent with the full employment of resources.
Answer the following statement true (T) or false (F)
Two economists from Northwestern University estimated the benefit households received from subscribing to broadband Internet service
They found that in the year they analyzed, 47 million consumers paid an average of $36 per month to subscribe to a broadband Internet service, and estimated the value of total consumer surplus for these subscribers was equal to $890.4 million. Based on these numbers, what was the average monthly consumer surplus per subscriber for broadband Internet service? A) $0.05 B) $0.77 C) $13.06 D) $18.94
Under the PCA guidelines, the FDIC must start closure proceedings on a bank once its leverage ratio falls below __________ percent
A) 0 B) 2 C) 5 D) 10
The mixed economy is the dominant economic system in the world because
a. custom and religion have no influence on economic decisions in these systems b. pure capitalist economies have placed more control in the hands of individuals in recent years c. there is public (i.e., governmental) ownership of resources but regulation of government by individuals reduces some of the flaws of pure capitalism d. there is private ownership of property but government regulation of individuals reduces some of the flaws of pure capitalism e. governments in pure command economies have increased their control over decision-making in recent years