Decide Whether the Argument Is an Example of Inductive or Deductive

question 116

Multiple Choice

Decide whether the argument is an example of inductive or deductive reasoning.
-Fresh fruit costs more in winter. This is January. Therefore these fresh strawberries will cost more.

• A)Deductive
• B)Inductive

Recognize the factors that influence long-run aggregate supply and demand, including technological changes and resource availability.

Understand the concept of potential output and how it is affected by economic factors.

Interpret the effects of beneficial and adverse supply shocks on the economy.

Evaluate the impact of changes in capital stock on an economy's production capacity.

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Definitions:

Marginal Product

The increase in output that results from using one more unit of a particular input, assuming all other inputs remain constant.

Marginal Product

The additional output derived from adding one more unit of a specific input, while holding all other inputs constant.

Workers

Individuals or employees who perform tasks or labor for payment in various sectors of an economy.

Output

The volume of output in terms of products or services from a firm, industry, or the economy as a whole during a defined period.