The Laws That Created the Fed Give It Only Vague

question 46

True/False

The laws that created the Fed give it only vague recommendations about what goals it should pursue, and they do not tell the Fed how to pursue whatever goals it might choose.

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Definitions:

Slippery Slope Fallacy

A logical fallacy in which a relatively small first step leads to a chain of related events culminating in some significant effect, much like sliding down a slippery slope.

Gambler's Fallacy

A logical fallacy in which one assumes that future probabilities are altered by past events, often seen in gambling when assuming a certain outcome is "due".

Sunk Cost Fallacy

The misconception of valuing a project or investment based on the amount of resources already invested, rather than the prospective future returns.

Argumentum Ad Hominem

A logical fallacy that occurs when an argument is rebutted by attacking the character, motive, or other attribute of the person making the argument, rather than addressing the substance of the argument itself.