Aggregation means the:
A. worsening of an economic situation.
B. adding up of individual economic variables to obtain economy wide totals.
C. participation in national economic policy discussions
D. enhancement of the power and wealth of a nation.
Answer: B
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Of the following, which is the least likely to be an example of substitute goods?
A) beer and pretzels B) margarine and butter C) beef and chicken D) tea and coffee
If a firm in a perfectly competitive industry is experiencing higher than normal returns, in the long-run
a. Some firms will leave the industry and price will rise b. Some firms will enter the industry and price will rise c. Some firms will leave the industry and price will fall d. Some firms will enter the industry and price will fall
Which one of the following techniques is an example of the replacement cost method of economic valuation?
a. Contingent valuation b. Hedonic pricing c. Travel cost method d. Habitat equivalency analysis e. Cost-effectiveness valuation
Bankers have a reputation for conservatism in politics, dress, and business affairs. Is there an economic rationale for this conservatism? Explain.
What will be an ideal response?