ECON 130 STUDY GUIDE
Use the two sets below to answer parts (a) and (b). kindergarten teachers and men Draw a Venn diagram with two circles showing the given relationship between two sets. Let K equals= kindergarten teachers and M equals= men Choose the correct answer below.
(k()m)
Choose the best answer to complete the following sentence. Explain your reasoning. The number 50,000,000 is the same as
5*10^7
Find the inflation rate from 1976 to 1977. Assume that all prices have risen at the same rate as the CPI.
6.5% 1976= 56.9 1977= 60.6 60.6-56.9/56.9
Decide whether each of the following statements makes sense (or is clearly true) or does not make sense (or is clearly false). Explain your reasoning. My professor asked me to draw a Venn diagram from a categorical proposition, but I couldn't do it because the proposition was clearly false.
does not make sense, either true or false
In the following argument, identify the premise and conclusion, explain why the argument is deceptive, and, if possible, identify the type of fallacy it represents. All the mayors in my hometown have been men, which shows that men are better qualified for high office than women.
"All the mayors of my hometown have been men." "Men are better qualified for high office than women." "The argument is deceptive because it makes a generalization about men in office that is used to make a claim about women in office. The premise has nothing to do with how qualified women are in office." "Hasty Generalization"
Draw a Venn diagram with two circles showing the given relationship between two sets. flowers and plants
((a)) ( b ) ( )
Use the two sets below to answer parts (a) and (b). mathematicians and card players
(m()c) The diagram correctly shows the two circles overlap because some card players are mathematicians
Choose the correct Venn diagram for the categorical proposition "Some S are P". The X indicates the region claimed to have at least one member.
(s(x)p)
Choose the correct Venn diagram for the categorical proposition "No S are P". The X indicates the region claimed to have at least one member.
(s) (p)
What is a fallacy? Give examples of fallacies and describe how the argument is deceptive
A fallacy is a deceptive argument. It is an argument in which the conclusion is not well supported by the premises. "Company A makes the best pickup trucks in the world." "Society has an obligation to provide health insurance because health care is a right of citizenship." "I placed the quartz crystal on my forehead, and in five minutes my headache was gone."
Distinguish between absolute and relative change. Give an example that illustrates how a relative change is calculated.
Absolute change describes the actual increase or decrease from a reference value to a new value. Relative change is the size of the absolute change in comparison to the reference value and can be expressed as a percentage.
Over the past three decades, the cost of college has increased at a much greater rate than the CPI. What does this mean for the average family? Choose the correct answer below.
College has become more difficult to afford. Using the same years as the CPI for reference values, an index of the cost of college would be greater than the CPI.
Identify the argument as inductive or deductive. Every coach must know his sport well. Marty Wright is a baseball coach, so Marty Wright knows baseball well.
Deductive
What does the index value of 23.1 in 1970 mean? Explain your reasoning.
Gas in 1970 cost 0.231 times as much as gas in 2000, because the ratio of the gas price index in 1970 to the gas price index in 2000 is 0.231.
Study the associated figure. Adjusted for inflation, during which years during the period shown did the lowest gasoline prices occur?
Gas was cheapest in 1998-1999, because the graph shows that the price of a gallon of gas in 2016 dollars was at its lowest in that time period.
The following propositions have the form p and q. State p and q, and give their truth values. Then determine whether the entire proposition is true or false, and explain why. Carrots are vegetables and bananas are fruit.
Identify p. Carrots are vegetables Identify q. Bananas are fruit. P True Q True The entire proposition is true because p is true and q is true.
Identify at least two hidden assumptions in the following argument. I support increased military spending because we need a strong country.
More military spending will mean a better military. A stronger military means a stronger country.
Give an example of the categorical proposition "No S are P".
No birds are reptiles.
What are some possible advantages of leasing the car?
Not all of the money is needed up front and you have years to decide if you want to buy the car.
Describe the three basic uses of percentages. Give a sample statement that uses percentages in each of the three ways.
Percentages can be used to express a fraction of something. For example, out of 15,000 employees, 3% lost their jobs. Percentages can be used to describe a change in something. For example, the cost of milk rose 5% within the past month. Percentages can be used to compare two things. For example, the car costs 25% more but gets 10% more miles per gallon.
The following table shows a housing index that can be used to compare housing prices in different cities. Suppose you see a house valued at $190,000 in City J. Find the price of a comparable house in City K, City B, and City F.
Price (other town) = Price (your town)* Index (other)/ Index (your)
You are deciding whether to buy a car for $18,000 or to accept a lease agreement. The lease entails a $800 fee plus monthly payments of $230 for 48 months. Under the lease agreement, you are responsible for service on the car and insurance. At the end of the lease, you may purchase the car for $7000. Complete parts a through c below.
Should the cost of service and insurance determine which option you choose? No, because you will probably have to pay for service and insurance with either plan.
Give an example of the categorical proposition "Some S are not P".
Some snakes are not poisonous.
Give an example of the categorical proposition "Some S are P".
Some snakes are poisonous.
The price of a movie ticket increased from $30 to $36. What does this mean about the new price?
The new price is 120% of the old price because the price increases by 20%, which is added to 100%.
According to the video, what is the conclusion?
The potato salad made me sick.
State whether it is possible for a deductive argument to be not valid with true premises and a false conclusion. If so, make a simple three-proposition argument that demonstrates your conclusion.
Yes, P: All mammals breath P: All lizards breath C: All lizards are mammals
Use set notation to write the members of the following set, or state that the set has no members. States that share a border with Kansas.
{Colorado, Nebraska, Missouri, Oklahoma}
Give an example of the categorical proposition "All S are P".
All snakes are reptiles.
How do we define argument? What is the basic structure of an argument?
An argument is a reasoned or thoughtful process. An argument consists of premises that are used to support a conclusion.
Give an example that illustrates how to calculate a relative difference. Choose the correct answer below.
If the compared value is 50 and the reference value is 45, then relative difference = 11.1%
Give an example that illustrates how a relative change is calculated. Choose the correct answer below.
If the new value is 50 and the reference value is 20, then relative change = 50-20/20 * 100 = 150%
State whether or is used in the inclusive or exclusive sense in the following proposition. For my next birthday, I would be thrilled to receive gift cards or a new car.
Inclusive
Consider the following example of a fallacy, and complete parts (a) through (c) below. (False cause) I became sick just hours after eating at Burger Hut, so its food must have made me sick.
"I became sick soon after eating at Burger Hut. The conclusion is Burger Hut food made me sick." "The argument doesn't prove that Burger Hut food was the cause of the sickness." "I brought my lucky hat with me to take my driving test, and then I passed the test. The hat caused me to pass my driving test."
Explain the difference between the key words 'of' and 'more than' when dealing with percentages. How are their meanings related?
"The key word 'more than' is used to express the relative change between the referenced value and the compared value. The key word 'of' is used to express the ratio of the compared value to the referenced value." "If the compared value is P% more than the reference value, it is (100+P)% of the reference value."
Consider the following example of a fallacy. Complete parts a and b below. Fifty years of searching has not revealed life on other planets, so life in the universe must be confined to Earth.
"Premise: Fifty years of searching has not revealed life on other planets. Conclusion: Life in the universe must be confined to Earth." "The premise is stated according to a lack of evidence of the opposite of the conclusion."
Suppose you needed $16,000 to maintain a particular standard of living in 1975. How much would you have needed in 2002 to maintain the same standard of living? Assume that all prices have risen at the same rate as the CPI.
$53502 CPI 1975= 53.8 CPI 2002= 179.9 16000*179.9/53.9
Choose the correct Venn diagram for the categorical proposition "All S are P". The X indicates the region claimed to have at least one member.
( p ) ( (s) ) ( )
Draw a Venn diagram with two circles showing the given relationship between two sets. musicians and men
(a(x)(b)
Choose the correct Venn diagram for the categorical proposition "Some S are not P". The X indicates the region claimed to have at least one member.
(x() ) (s()p)
Restate the following fact as indicated. Approximately 30,800 citizens of a country died in automobile accidents in 2015. Express this toll in deaths per day.
84 30800/365=84 deaths per day
Distinguish between absolute and relative difference. Give an example that illustrates how to calculate a relative difference.
Absolute difference is the actual difference between the compared value and the reference value. Relative difference describes the size of the absolute difference in comparison to the reference value and can be expressed as a percentage.
List the four standard categorical propositions. Give an example of each type, and draw a Venn diagram for each of your examples. What are the four standard categorical propositions? Use S for the subject set and P for the predicate set. Select all that apply.
All S are P. Some S are P. Some S are not P. No S are P.
$10^8 is how many times as much money as $10^4? Explain your reasoning.
Ten thousand, because 10^8 is 10^4 times as large
Find the absolute change and the relative change in the following case. The average sale of a house decreased from $338,000 in February 2008 to $178,000 in February 2013.
The absolute change is -160000 The relative change is -47.3%. AC= 178000-338000 RC= 178000-338000/338000*100
Explain whether the following argument is deductive or inductive. I have never found mail in my mailbox on a Saturday. The Postal Service must not have Saturday deliveries.
The argument is inductive because the premise is specific and the conclusion is general.
Provide an explanation of the diagram. Choose the correct answer below.
The diagram correctly shows the two circles overlap because some men are kindergarten teachers
Explain the meaning of the given statement, which contains a mulitple negation. Then answer the question that follows. Paul denies that he opposes the plan to build a new dorm. Does Paul support building a new dorm?
The first negation "opposes the plan" makes it seem that Paul would not support the new dorm. But the statement negates this negation, "Paul denies that he opposes the plan." Therefore, it seems that Paul supports the plan for the new dorm.
Identify at least two hidden assumptions in the following argument. The current governer has campaigned for tax cuts. He gets my vote.
The governer will keep his promise on tax cuts. Tax cuts are more important than other issues.
Suppose the value of a home changed by −3737% over the past five years. Which of the following is true?
The house decreased in value over the past five years because the relative change is negative.
Identify the hypothesis and conclusion in the following proposition, and state their truth values. Then determine whether the entire proposition is true or false. If eagles cancan fly, then eagles are fish.
The hypothesis is eagles can fly, which is true. The conclusion is eagles are fish, which is false. The entire thing is false
Consider the statement "The interest rate on auto loans has increased 50% over the past decade and now stands at 15%" What can you conclude?
The interest rate a decade ago was 10% because 50% of 10 is 55, and 10+5=15.
State whether the following statement is true or false, and explain why. If the statement is false, state the true change. The price of a stock falls by 27%, then later rises by 27%. After the two changes in value, the price is unchanged.
The statement is false because the reference values for the increase and decrease in the value of the stock are not the same. The true change in the price is −7.29%. 100*27%= 27 27+100=127 127*27%=34.29 127-34.29=92.71 92.71-100=-7.29%
Decide whether the following statement makes sense (or is clearly true) or does not make sense (or is clearly false). Explain. In many European countries, the percentage change in population has been negative in recent decades.
The statement makes sense. A percentage change in population can be negative if the data reflects that.
Decide whether the following statement makes sense or does not make sense. Explain your reasoning. An 18th-century philosopher once said, "A penny saved is a penny earned," but if he were alive today, he would be talking about a dollar rather than a penny.
The statement makes sense. Due to inflation, a penny in the 18th century has about the same purchasing power as a dollar today.
In the following statement, express the first number as a percentage of the second number. The full-time year-round median salary for U.S. men in 2010 was $41,600 and the full-time year-round salary for U.S. women in 2010 was $34,900.
The full-time year-round median salary for U.S. men in 2010 was 119.2% of the full-time year-round median salary for U.S. women in 2010. 41600/34900*100= 119.2%
Does the total cost of purchasing the car at the end of the lease agreement exceed the cost of purchasing the car at the outset?
Yes, the total cost of the car at the end of the lease is $18840