Which of the following is an accurate statement about the fallacy of composition?
a. Group plans are often thwarted by individual behavior.
b. Individual behavior is easier to predict than group behavior.
c. The motivation for individuals changes when they become part of a group.
d. Individual truth and group truth are often different.
d. Individual truth and group truth are often different.
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The above figure shows the demand and supply curves for housing in City B. What would be the effects of a rent ceiling equal to $1000 per month?
A) a surplus equal to 3000 apartments B) a surplus equal to 250 apartments C) a shortage equal to 3000 apartments D) nothing because the rent ceiling has no effect on the equilibrium price and quantity
Refer to Figure 18-1. The sales tax revenue collected by the government is represented by the area
A) B + C + F + G. B) E + H. C) F + G. D) B + C.