A fallacy of composition is to assume that
a. you can determine the composition of a complex product just by examining its exterior properties
b. consumer durable goods today do not last as long as they did a generation ago
c. any mistakes made in producing a product using an assembly line technique will lead to a compounding of errors as the product moves down the line
d. what is true for any individual component in a group is true for the group as a whole
e. when I was young I liked cotton candy, but now that I'm older I no longer like it
D
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If a nation's nominal GDP is $40 billion, its money supply is $8 billion, and its price level is 1.25, then the velocity of money is
A) 2.0. B) 0.2. C) 6.25. D) 5.0.
Refer to Figure 10-6. The loanable funds market is given in the figure above. If the current real interest rate is 5 percent, which of the following is true?
A) The quantity of loanable funds being demanded in the market is less than $90 million. B) The loanable funds market is in equilibrium. C) There is a surplus of loanable funds in the market. D) There is a shortage of loanable funds in the market.
Which of the following is likely to increase measured GDP?
A) Tax rates increase and more people attempt to underreport their income for tax purposes. B) More people decide to do their own lawn maintenance and give up using a professional service. C) Marijuana becomes legal to grow and sell. D) A greater number of women decide to stay at home and provide day care for their children under age 5.
The federal government and insurance companies are examples of third party
A) payers for health care. B) users of health care. C) providers of health care. D) observers of health care.