What pitfall is linked with adding up individual behaviors?
a. rationality
b. the fallacy of composition
c. correlation and causation confusion
d. the economic problem
b. the fallacy of composition
Economics
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Cost-benefit analysis is a tool that is used
A) only by businesses. B) only by individuals and businesses. C) only by governments. D) by individuals, businesses, and governments.
Economics
To differentiate between nominal GDP and real GDP in the year 2000 we need to know all except
a. the quantity of goods produced in 2000 b. the price level in 2000 c. the quantity of goods and services produced in the base year d. the quantity of services produced in 2000 e. the price level in the base year
Economics