Aggregation is important because it allows many individual variables to be combined into one larger whole
a. True
b. False
A
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An individual should specialize in the production of a good for which he/she has a
A. conditional advantage. B. general advantage. C. comparative advantage. D. determined advantage.
A well-capitalized financial institution has ________ to lose if it fails and thus is ________ likely to pursue risky activities
A) more; more B) more; less C) less; more D) less; less
Many economists oppose a constitutional amendment that would require a balanced budget for the federal government because it would probably make the business cycle more volatile
a. True b. False Indicate whether the statement is true or false
Sheila and Jim live in an island where they are the only two workers. Sheila can either catch 10 fish or gather 40 pounds of berries each day, and Jim can either catch 8 fish or gather 24 pounds of berries each day. Both of them work 200 days per year. At current world prices 1 fish trades for 3.5 pounds of berries. If they open up to trade and the citizens of the island consumed 1,200 fish per year, how many pounds of berries can they consume every year?
A. 9,400 pounds B. 12,800 pounds C. 8,000 pounds D. 9,200 pounds