1) You have decided that for Easter you want to dress up as a Bunny. You estimat
ID: 2506023 • Letter: 1
Question
1) You have decided that for Easter you want to dress up as a Bunny. You estimated that is would cost $45 to purchase all the piecesof the costume. After spending $20 on the costume you realize that the big white ears you need to complete the costume will cost you $95 . Thus, the marginal cost of completing the costume is
a) $5
b) $30
c) $95
d) $35
2) An economist in the nineteenth century noted a high correlation between economic prosperity and sunspots. Based on this observation he developed a "sunspot theory", of how the economy operates. The economist
a) is now dead so we revere his theory, right or wrong
b) has committed the pluribus unum pi error
c) was too quick to conclude that correlation implies causation
d) showed good reasoning for the nineteenth but not the twentieth century.
3) You know that traffic gets very congested about 6:45. To avoid this congestion, you start leaving for work 15 minutes earlier every day. But many commuters make the same decision and now traffic becomes very congested at 6:30. This is an example of the
a) Keynesian paradox
b) cataract pluribus fallacy
c) fallacy of fallacy
d) fallacy of compositon
Explanation / Answer
1 d) $35
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