Aggregation means the:
A. participation in national economic policy discussions.
B. enhancement of the power and wealth of a nation.
C. worsening of an economic situation.
D. adding up of individual economic variables to obtain economy wide totals.
Answer: D
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Which of the following is an example of a good that is excludable and nonrivalrous?
a. A fishery. b. Cable television. c. Over the air television broadcasts. d. Disney World.
The above table shows answers given by people interviewed in a government survey of households. Which individual or individuals are considered marginally attached?
A) A B) B, C, and D C) A and D D) D
Returns to scale describes the long-run relationship between:
A. the quantity of input and the average variable cost. B. the quantity of output and the average variable cost. C. the quantity of input and the average total cost. D. the quantity of output and average total cost.
Consider a perfectly competitive firm that produces computers. Each additional worker at this firm can produce four computers. Calculate the marginal factor cost if the computers are sold for $1,000 each, and the firm is maximizing profit. (Assume that marginal revenue product is the product of marginal product of the input and the marginal revenue of the firm.)
a. $4,000 b. $500 c. $1,000 d. $1,500 e. $400