Asked by Lunghile Abigail on Jul 02, 2024
Whenever a former governor is elected president, the unemployment rate decreases; whenever a former congressman is elected president, the inflation rate increases. This statement is an example of
A) fallacy of logic.
B) post hoc, ergo propter hoc fallacy.
C) ceteris paribus fallacy.
D) fallacy of inductive reasoning.
Post Hoc, Ergo Propter Hoc
A logical fallacy that assumes a cause-and-effect relationship merely because one event followed another.
Unemployment Rate
The fraction of the workforce that is without a job and is actively searching for one.
- Identify typical fallacies in economic thought and their ramifications.
Learning Objectives
- Identify typical fallacies in economic thought and their ramifications.