Use the Following to Answer Questions

question 53

Multiple Choice

Use the following to answer questions .
Exhibit: Stages in the Production of an Office Building

-(Exhibit: Stages in the Production of an Office Building) A mining firm extracts iron from the earth. A steel mill converts the iron to steel beams for use in construction. A construction company uses the steel beams to make a building. Assume that the total product of these firms represents the only components of the building and that they will have no other uses. Suppose the value added tax is 10%. What is the amount paid by Fuller Mill to Acme Mining?

• A) $100,000
• B) $110,000
• C) $215,000
• D) $225,000

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Definitions:

Argument

A rationale or series of arguments presented with the goal of convincing others of the validity or fallacy of a certain action or idea.

Appeal to Ignorance

A fallacy that asserts a proposition to be true because it has not been proved false or vice versa.

Atlantis

A mythical island nation mentioned in Plato's works, "Timaeus" and "Critias," as a powerful and advanced civilization that purportedly sank into the ocean in a single day and night of misfortune.

Fallacy

An error in reasoning or argumentation that leads to a conclusion being invalid or deceptive, often due to a flaw in the structure of the argument.