What Do We Call a General Statement About an Entire

question 14

Multiple Choice

What do we call a general statement about an entire group made on the basis of observing some members of the group?

• A)Fallacy of relevance
• B)Causal reasoning
• C)Inductive reasoning
• D)Empirical generalization

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Definitions:

Output Increases

A situation where the production capacity of an economy grows, leading to more goods and services being available.

Productivity Rises

An increase in the efficiency of production, often leading to more output with the same or fewer inputs.

Relative Prices

The price of a commodity or service in comparison to another, indicating its opportunity cost and economic choice.

Substitutable Resources

Resources that can replace each other in production or consumption, leading to flexibility and alternatives for consumers and producers.