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Economics MCQs → Economics Quizzes from 21 to 25
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21. When one event occurred before another event, the fallacy in economic reasoning that the first event caused the second event is called
(A) the post hoc fallacy
(B) failure to hold other things constant
(C) the fallacy of composition
(D) normative fallacy
22. When we assume that what is true for the part is also true for the whole, we are committing
(A) the post hoc fallacy
(B) failure to hold other things constant
(C) the fallacy of composition
(D) normative fallacy
23. The three fundamental economic problems every human society must confront and resolve are
(A) what, how and when
(B) what, where and when
(C) what, how, and for whom
(D) how, where, and for whom
24. The three fundamental economic problems of what, how, and for whom are solved by
(A) supply
(B) demand
(C) consumption
(D) markets
25. Fiscal policy consists of government’s
(A) revenue and taxation
(B) taxation and credit control
(C) expenditure and investment
(D) expenditure and taxation
ANSWERS: ECONOMICS QUIZZES
21. (A) the post hoc fallacy
22. (C) the fallacy of composition
23. (C) what, how, and for whom
24. (D) markets
25. (D) expenditure and taxation