Which of the following is not an example of the fallacy of composition?
a. If I can get to work fastest by taking the interstate, so can everyone else.
b. If you can only get away from it all by going to Fairbanks, everyone who needs to get away should go to Fairbanks.
c. If the quickest way to get off a sinking ship is to run to the nearest lifeboat, all the passengers should do this.
d. If the best TV reception can be gotten with a Couch Potato antenna, then everyone should have a Couch Potato antenna.
e. If I can get a better view by standing up at the baseball game, everyone gets a better view by standing up.
D
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Which of the following will lower interest rates in the short run?
a. an increase in reserve requirements b. open market sales by the Fed c. a decrease in real GDP d. an increase in the price level
The country of Robinya has a tax system identical to that of the United States. Suppose someone in Robinya bought a parcel of land for 10,000 deera (the local currency) in 1970 when the price index equaled 100 . In 2010, the person sold the land for 100,000 deera, and the price index equaled 500 . The tax rate on nominal capital gains was 20 percent. Compute the taxes the person paid on the
nominal gain and the change in the real value of the land in terms of 2010 prices to find the after-tax real rate of capital gain. a. -20 percent b. 20 percent c. 42 percent d. 64 percent