Every worker is better off making more money and having better benefits. If you concluded from that fact that all workers would be better off if a law were passed requiring a 25% increase in wages and benefits, then you would be
A. wrong because workers operate on jealousy.
B. wrong because causation and correlation are not the same.
C. wrong and have fallen victim to the fallacy of composition.
D. right.
Answer: C
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The number of times per year, on average, that a dollar is spent on final goods and services is known as
A) the income velocity of money. B) the price of money. C) the money supply. D) the equation of exchange.
Wanda Rumble promotes boxing matches. She makes $6,500 per fight. Which cost is most relevant to a decision as to whether to promote one more fight?
a. the total cost of promoting all boxing matches during the year b. the marginal cost of promoting one additional boxing match c. the average fixed cost of promoting a boxing match d. the average total cost of promoting a boxing match