Predicting the future is very difficult to do. Which of the following is not a reason for this difficulty?
a. Economists often use historic trends to predict the future, but these historic trends rarely stay the same.
b. Economists often use historic interrelationships to predict the future, but these interrelationship trends rarely stay the same.
c. A very broad range and combination of economic variables can influence the economic activity.
d. Economists often use major historic shocks (such as energy crises) to predict the future, but these major shocks occur irregularly.
.D
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How can we determine separately the cost of producing ham hocks from the cost of producing bacon?
A) By separately estimating the labor time it takes to butcher the hocks and the bacon B) By separately calculating the weight of the hocks and the bacon as percentages of total useable meat C) By consulting the average industry costs of ham hocks and bacon D) There is no way to determine the specific costs of joint products.
The primary means of rationing goods and services in a market system is through
a. the pricing system. b. rationing coupons. c. government allocation. d. food stamps.
Compared to the 19th century, the population of the 20th century
(a) was largely urbanized. (b) was 3.7 times larger in number. (c) experienced a 63 percent increase in life expectancy at birth. (d) can be described by all of the above.
Lenders sell bonds and borrowers buy them
a. True b. False Indicate whether the statement is true or false