(Last Word) A caller to a radio talk show states that oil companies are "greedy price gougers." This is an example of:
A. loaded terminology.
B. the "after this, therefore because of this fallacy."
C. the fallacy of composition.
D. the economic perspective.
Answer: A
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Which of the following statements about the economic decisions consumers, firms, and the government have to make is false?
A) Each faces the problem of scarcity which necessitates trade-offs in making economic decisions. B) Both firms and individuals face scarcity. C) Only individuals face scarcity; firms and the government do not. D) Governments face the problem of scarcity in making economic decisions.
A growing number of cigar manufacturers in the Caribbean and Central America have begun producing and exporting cigars to the U.S. market. How has this affected the equilibrium price and quantity of cigars?
What will be an ideal response?
Loss aversion can explain why very little ________ actually takes place in the securities market
A) short selling B) bargaining C) bartering D) negotiating
Economics is best defined as the study of how individuals decide to use limited resources in an attempt to satisfy unlimited wants
a. True b. False