Which of the following is true?
a. Virtually all theories in economics are expressed using a ceteris paribus ("let everything else be equal" or "holding everything else constant") assumption.
b. The fallacy of composition is that, even if something is true for an individual, it is not necessarily true for many individuals as a group.
c. One must always be careful not to confuse correlation

In order to spend more time with her children, a young mother decides to work less hours as her pay increases. What does her labor supply curve look like?

What will be an ideal response?

The merchandise trade balance is the value of a nation's:

a. merchandise and service exports plus merchandise and service imports. b. merchandise exports subtracted from capital inflows. c. merchandise imports subtracted from merchandise exports. d. merchandise imports plus net capital inflows.