which pitfall to sound economic reasoning is illustrated when a person comments
ID: 1093096 • Letter: W
Question
which pitfall to sound economic reasoning is illustrated when a person comments that "capitalists focus only on profits and dont care about their workers"? a)abstraction b) confusion and correlation c) biases d) The fallacy composition
The production possibilities curve is a graph of a)the maximum number of products that can be produced b)The maximum amount of labor and resources available for production. c)The maximum amount of capital and labor that the economy can employ d)various combinations of goods and services among which consumers are indeffrent.
property right give to some people the right to coerce others into giving up their property. t/f
The distribution of income ina market system is primary factor that resolves which of the following fundamental economic question.a)how will the output to be produced b)what will be produced c)who will get the output d)how will the system accomodate change?
Explanation / Answer
1.
A) The fallacy composition
This is because it assumes that what is true fro one market, is true for the entire industry. Thus the intentions of capitalists cannot be generalized.
2.
A) the maximum number of products that can be produced
A PPC is a curve showing the maximum amounts of goods and services that can be produced given the fixed amount of resources or inputs. So, the correct option will be (A).
3.
False
Property rights only provide the right holder with complete right and control over their property and not any other property. Hence, on property right holder can force anyone to accept or leave their own property i.e. property owned by the third party and not the property holders'.
Had the property been of the right holder, he can force anyone to leave it anytime and take legal action on them.
4.
C) Who will get the output
Distribution of income shows how money is held by people in a market, which affects their purchasing power. Thus, the correct option is (C)
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