Given the values in the table above, consumption is ________ when equilibrium output is 15

St. Mary's Church has a balloon payment of $100,000 due on its mortgage in two years. If the interest rate is 8 percent, the present value of St. Mary's balloon mortgage payment is

A) $100,000.00. B) $116,640.00. C) $85, 733.88. D) None of the above answers is correct.

In economics, specialization means

a. producing something using only one type of resource, such as labor b. producing something using only one type of labor c. focusing efforts on a particular product or a single task d. producing only one unit of output e. producing something using only one unit of a variable resource