Question : 21) The Latin phrase economists use that means all else : 1381023

 

21) The Latin phrase economists use that means all else equal is

A) ceteris paribus.

B) cogito ergo sum.

C) carpe diem.

D) caveat emptor.

22) Stanley Jevons, 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 operated. We now know that Jevons

A) committed the fallacy of composition.

B) committed the ceteris paribus error.

C) was confusing causality.

D) showed good reasoning for the nineteenth but not the twentieth century.

23) Whenever the Democrats gain control of the Congress, spending on social programs increases; whenever Republicans gain control of the Congress, spending on defense increases. Hence, we know what the next party in control will do. This statement is an example of

A) fallacy of inductive reasoning.

B) post hoc, ergo propter hoc fallacy.

C) fallacy of composition.

D) ceteris paribus fallacy.

24) I have lived in a house on the Mississippi River for many years and have never seen a flood. Therefore, there is no reason for anyone to buy flood insurance. This statement is an example of

A) fallacy of composition.

B) post hoc, ergo propter hoc fallacy.

C) fallacy of inductive reasoning.

D) ceteris paribus fallacy.

25) The economy was expanding during all of the years that I was a student, but as soon as I graduated, the economy contracted. Therefore, the labor market was waiting until I started looking for a job to contract. This statement is an example of

A) ceteris paribus fallacy.

B) post hoc, ergo propter hoc fallacy.

C) fallacy of composition.

D) fallacy of inductive reasoning.

26) Experimental research in small cities suggests that mandating work for welfare recipients increases their income. Therefore, we should mandate work requirements for all welfare recipients. This statement is an example of

A) fallacy of inductive reasoning.

B) ceteris paribus fallacy.

C) fallacy of composition.

D) post hoc, ergo propter hoc fallacy.

27) Rent control laws are imposed when city officials believe landlords have been exploiting tenants. Which of the following criteria are they using to guide their actions?

A) efficiency

B) equity

C) growth

D) stability

28) A government policy that tries to minimize inflation and unemployment can best be described as trying to achieve economic

A) efficiency.

B) equity.

C) profitability.

D) stability.

29) Redistribution of income from the rich to the poor is achieved from a tax system that requires taxes to rise with income. Which of the following criteria best explains the goal of this tax system?

A) efficiency

B) equity

C) growth

D) stability

30) You know that the computer lab at school gets very crowded at about 3:00 p.m. To avoid the crowds, you start going to the computer lab one hour earlier every day. However many students make the same decision, and now the computer lab becomes very crowded at 2:00 p.m. This is an example of the

A) post hoc, ergo propter hoc fallacy.

B) ceteris paribus fallacy.

C) fallacy of division.

D) fallacy of composition.

 

 

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