If you observe that Event A happens before Event B happens, and you erroneously conclude that Event A caused Event B, you would be guilty of an error called the
A. fallacy of ceteris paribus.
B. post hoc, ergo propter hoc fallacy.
C. fallacy of logic.
D. fallacy of inductive reasoning.
Answer: B
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The quantity theory of money assumed
A) that an increase in prices causes a proportionate increases in real GDP. B) a fall in the velocity of money causes a proportionate increase in the money supply. C) a rise in money supply causes a proportionate fall in velocity. D) the fraction of income people desire to hold in the form of money is a constant.
A natural disaster, such as the 2011 Japanese earthquake and tsunami, shifts the ___________ curve _____________________. According to economists who believe that the economy is self-regulating, the result will be that the economy _____________be able to find its way back to Natural Real GDP without government intervention
A) SRAS; rightward; will B) SRAS; leftward; will not C) AD; leftward; will not D) SRAS; leftward; will E) AD; leftward; will
Suppose an economy consists of 500,000 individuals 16 years and older, 260,000 are employed, and 21,000 are unemployed but actively seeking work. In this example the unemployment rate is approximately
A) 4.2 percent. B) 6.1 percent. C) 7.5 percent. D) 8.0 percent.
If an economy's steady annual growth rate falls from 2.5 percent to 2.0 percent, this adds __________ years to the time it takes for the economy to double in size
A) 24.0 B) 7.0 C) 5.3 D) 10.2