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Practice Critical Thinking
DEFINE in three to four sentences, in your own words, the difference between inductive and deductive arguments.
EXPLAIN in three to four sentences what the difference is between valid and invalid arguments.
IDENTIFY an unstated premise in a statement that you create.
IDENTIFY and describe how truth-function tables can assist you in evaluating a syllogism.
CREATE a deductively valid syllogism.
Suppose that pizza is a normal good. Suppose further that all pizza workers earn the minimum wage. What would happen to the equilibrium price and quantity of pizzas sold if income rises at the same time that the minimum wage rises? Explain.
What are the Fed's "normal" Monetary Policy tools?What non-standard Monetary Policy tools did the Fed employ during the 2007-2009 recession?
Nick loves the new Taco Bell product. His demand function for Taco Bell-Doritos Locos is as follows: Qd= (8Y – Y 2 ) – 0.1Pt; Y is a number between $2≤Y≤$6 and stands for income. Pt, the price of Taco Bell Doritos Locos, is equal to $10. Draw precise..
Discuss " Institutional changes in developing countries have been slow and despite the flurry of modern technologies in recent years the impact is modest and behaviors continue to be driven by old traditions"
What is “effective demand” according to keynes? How can there be a lack of effective demand? How did keynes explain that aggregate production and aggregate spending might not be equal? What happens if aggregate production is greater than aggregate sp..
Supposed that two nation start out in 2013 with identical levels of output per work hour – say, $100 per hour. In the first nation, labor productivity grows by 1 percent per year. What are some examples, other than those given in the chapter of techn..
What is the difference between the Federal Reserve’s “discount rate” and the “federal funds” rate? Why is the discount rate in the US not as important in financial markets as the federal funds rate?
Which of the following cannot be a factor that gives it a competitive advantage?
What is the nature of the relationship between banking and money? Please explain the concepts of risk return on an investment. What is present value and why is it important and useful? Please explain.
Consider a sample with mean of 30 and a standard deviation of 5. use chebyshev's theorem to determine the percentage of the data within each of the following ranges:
Which of the following is TRUE regarding markets? I) Economists define a market as a geographic location where trade occurs. II) A market enables buyers and sellers to get information about each other and to buy and sell from each other. III) Markets..
Suppose you are a senior engineer of a company that manufactures car seat for toddlers. You know that the strength of the belt of a recently designed car seat is slightly less than mentioned in the specification of the product. Your supervisor has as..
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