In economics, aggregation refers to
a. collecting sample specimens for reclassification.
b. using small stones to pave an artistic walkway.
c. combining many markets into one overall economy.
d. using large computers to solve economic problems.
c
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In the early 1970s, the U.S. ran large balance of payments ________, causing an ________ dollar and an ________ German mark
A) deficits; undervalued; overvalued B) deficits; overvalued; undervalued C) surpluses; undervalued; overvalued D) surpluses; overvalued; undervalued
Sometimes what we think is a collective consumption good only has those characteristics because of _____
a. high fixed costs. b. private production c. economies of scale d. government production
Which of the following statements about asymmetric information is true?
A. Asymmetric information can only be solved through government intervention. B. Asymmetric information reduces market failures because it makes it easier for individuals to engage in transactions that in the presence of perfect information would take place. C. Asymmetric information occurs when one party to a transaction has relevant information to the transaction that the other party does not have. D. Asymmetric information occurs only in the market for used cars and in the insurance market.
The percentage change in one's real income can be approximated by:
A. The percentage change in price level divided by the percentage change in nominal income B. The percentage change in nominal income divided by the percentage change in price level C. The percentage change in price level minus the percentage change in nominal income D. The percentage change in nominal income minus the percentage change in the price level