Aggregation is the process of
A. forecasting the components of GDP.
B. calculating real GDP based on nominal GDP and the price index.
C. summing individual economic variables to obtain economywide totals.
D. predicting when recessions will occur.
Answer: C
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Refer to Figure 15-3. Suppose the monopolist represented in the diagram above produces positive output. What is the profit-maximizing/loss-minimizing output level?
A) 630 units B) 800 units C) 850 units D) 880 units
Market failures occur when
A) externalities exist. B) economic efficiency increases. C) there is an increase in demand. D) there is a change in quantity demanded.
____________ solves the mutual coincidence of wants problem
a. Barter b. Mercantilism c. Free trade d. Money
Activities that interest groups undertake to secure special favors from government is called rent seeking
a. True b. False