Critical Thinking Is

question 33

Multiple Choice

Critical thinking is

• A) a tendency to be skeptical of all claims.
• B) close-mindedness about claims and the evidence that supports them.
• C) a set of skills for evaluating claims in an open-minded and careful manner.
• D) skepticism of any scientific theory until there is disconfirming evidence.

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Definitions:

Long-Run Cost Curve

A graphical representation showing the minimum cost at which any given level of output can be produced in the long run, where all inputs are variable.

Industry Supply Curve

A graphical representation showing the quantities of a product that firms across an industry are willing to supply at different price levels.

Lump Sum Tax

A tax that is a fixed amount, regardless of the taxpayer’s income level, assets, or usage of services.

Long-Run Cost

The total cost of production when all factors of production can be varied, typically associated with the planning of long-term business strategies.