Economics: Principles & Policy
14th Edition
ISBN: 9781337912679
Author: William J. Baumol; Alan S. Blinder; John L. Solow
Publisher: Cengage Learning US
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Chapter 21, Problem 1DQ
To determine
Examples for the use of aggregates in daily discussions.
Expert Solution & Answer
Explanation of Solution
The aggregate terms are included in everyday discussions. For example, ‘the country is turning conservative’, football players are faster these days, and the students at this college think the classes should be smaller, and so on. When a person makes a statement that one usually has in mind on an average or a typical member of the larger group, one would not mean that every member of the group fits the statement.
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