Identify the fallacy or mistake in thinking

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(Pitfalls of Economic Analysis) Review the discussion of pit- falls in economic thinking in this chapter.Then identify the fallacy or mistake in thinking in each of the following statements:

a. Raising taxes will always increase government revenues.

b. Whenever there is a recession, imports decrease. Therefore, to stop a recession, we should increase imports.

c. Raising the tariff on imported steel will help the U.S. steel industry.Therefore, the entire economy will be helped.

d. Gold sells for about $400 per ounce.Therefore, the

U.S. government could sell all the gold in Fort Knox at $400 per ounce and eliminate the national debt.

Reference no: EM131003920

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