Which pitfall to sound economic reasoning is illustrated when a person comments that "capitalists focus only on profits and don't care about their workers"?
A)abstraction
B)biases
C)the fallacy of composition
D)confusing correlation and causation

Question

Quizplus · Accepted Answer

Biases are a pitfall to sound economic reasoning because they can lead people to make inaccurate or unfair judgments about economic issues. In the given example, the person is making a biased statement about capitalists by assuming that they only care about profits and don't care about their workers. This statement is not necessarily true, and it is important to consider all of the evidence before making a judgment about the motivations of capitalists.

Which Pitfall to Sound Economic Reasoning Is Illustrated When a Person