Multiple Choice
Which of the following best illustrates the fallacy of composition?
A) If the price of a product rises, the quantity supplied will decline.
B) The average wage rate tends to increase at approximately the same rate as inflation; hence, wage increases must cause inflation.
C) Resources are scarce; therefore, there is no such thing as a free lunch.
D) If I talk loudly at a party, I have a better chance of being heard by my listeners.If everyone at the party talks loudly, everyone can be heard more clearly.
Correct Answer:
Verified
Correct Answer:
Verified
Q60: Economists use the term "ceteris paribus" to
Q61: Which of the following is a positive
Q62: Economists assume that most people<br>A)act purposefully.<br>B)make decision
Q63: Normative statements are:<br>A)prescriptive, making claims about how
Q64: Which of the following statements are true?<br>A)Wealthy
Q66: Which of the following is most likely
Q67: Economics is a social science that primarily
Q68: Economics can be divided into two main
Q69: Economics is primarily the study of:<br>A)human greed.<br>B)how
Q70: What is the difference between dependent and