Which of the following statements is an example of confusing association and causation?
A. Senator Jones believes that more tax revenue should be distributed to the poor.
B. A map includes roads, but not every restaurant, telephone pole, andÂ
C. Interest rates rise when it rains, all other factors constant.
D. When the price of Coca-Cola increases, consumers buy more Pepsi, all other factors constant.
Answer: C
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In a small country, the adult population equals 10,000. In that country, 8,000 people are in the labor force and 200 people are unemployed. The unemployment rate equals
A) 2.5 percent. B) 2 percent. C) 4 percent. D) an undetermined amount given the lack of information.
The monopolist's demand curve is
a. downward sloping and identical to the market demand curve b. downward sloping and identical to the marginal revenue curve c. downward sloping and lies below the marginal revenue curve d. a horizontal line at a price consistent with maximum profit e. a U-shaped curve that lies above the U-shaped ATC curve