ECON101 Study Guide - Midterm Guide: Type B Cipher Machine

• School: University of Alberta
• Department: Economics
• Course: ECON101
• Professor: All

Document Summary

Costs: time costs, traffic congestion, speed tickets (cid:224) enforcement, change signs, re educate, shipping costs go up. How can we avoid wasting the productive capabilities of unemployed labor: macroeconomists deal with aggregates: the production of an entire economy such as canada, it also deals with government policies that affect the entire economy: monetary policy and fiscal policy, macroeconomics owes its existence to the fallacy of composition which is the error of believing that what is true of each part of a system will be true of the system as a whole. Statistical coincidence: the post hoc fallacy, from the latin phrase post hoc ergo propter hoc , meaning: after this because of this. (cid:222, an error of reasoning that a first event causes a second event because the first occurred before the second, ex: wearing an islander"s hat during an exam (cid:224) gets an.