What does the phrase "post hoc, ergo propter hoc" mean?
What will be an ideal response?
Literally it means, "after this (in time),therefore because of this." It is common error made in thinking about causation: If Event A happens before Event B, it is not necessarily true that A caused B.
Economics
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Given a constant rate of growth of real GDP, what would lead to an increasing real GDP per capita?
a. a rate of population growth that is less than the rate of growth of real GDP b. a rate of population growth that is greater than the rate of growth of real GDP c. an increase in the size of the labor force d. an increase in the capital stock
Economics
The demand curve facing a monopolistic competitor is
a. a horizontal line at the market price b. upward sloping c. perfectly elastic d. perfectly inelastic e. downward sloping
Economics