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Author Question: Which of the following is an aggregate? A) the number of shoes in one man's closet B) the ... (Read 150 times)

khang

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on: Jun 29, 2018
Which of the following is an aggregate?
 
  A) the number of shoes in one man's closet
  B) the bushels of apples one farmer sells
  C) the price of a particular textbook
  D) the total production of all goods and services

Question 2

What are the terms of exchange and how are these terms related to the price?
 
  What will be an ideal response?


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GCabra

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Reply #1 on: Jun 29, 2018
Answer to Question 1

D

Answer to Question 2

The terms of exchange are the terms under which trading takes place. Usually, the terms of exchange specify the price at which the good is traded, which is determined by the interaction of supply and demand.


khang

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Reply 2 on: Jun 29, 2018
Thanks for the timely response, appreciate it

mohan

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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