Chapter 2 Quiz - 1. Question #1 Answer on the basis of the...

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1. Question #1 Answer on the basis of the relationships shown in the above four figures. The amount of Y is inversely related to the amount of X in: Student Response Value Correct Answer Feedback A.2 only. B.both 1 and 3. C.3 only. 100% D.1 only. Score: 1/1 Comments: 2. Question #2 (Last Word) "The government deregulated the electricity industry in California and a shortage of electricity soon occurred. It is clear that the deregulation caused the shortage." This statement needs careful analysis because it may reflect the: Student Response Value Correct Answer Feedback A.the fallacy of composition. B. post hoc, ergo propter hoc fallacy. 100% C.use of loaded terminology. D.the law of averages. Score: 1/1 Comments:
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Question #3 The law of increasing opportunity costs states that: Student Response Value Correct Answer Feedback A.if society wants to produce more of a particular good, it must sacrifice larger and larger amounts of other goods to do so. 100% B.the sum of the costs of producing a particular good cannot rise above the current market price of that good. C.if the sum of the costs of producing a particular good rises by a specified percent, the price of that good must rise by a greater relative amount. D.if the prices of all the resources used to produce goods increase, the cost of producing any particular good will increase at the same rate. Score: 1/1 Comments: 4. Question #4
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This note was uploaded on 04/26/2011 for the course MAC 1106 taught by Professor Petruska during the Spring '08 term at Pensacola Junior College.

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Chapter 2 Quiz - 1. Question #1 Answer on the basis of the...

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