Which of the following might be a final good?
A) A box of Kellogg's corn flakes
B) An iMac computer
C) A U-Haul rental vehicle
D) An economics textbook
E) Any of the above might be, depending upon who is purchasing it.
E
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Refer to Figure 5-6. What is the deadweight loss resulting from producing at the market equilibrium?
A) B + C B) F C) E + C D) C
If Q is total real output, K is capital in use, L is labor employed, an increase in the productivity of labor would imply a(n): a. increase in K/L
b. increase in L/K. c. increase in Q/L. d. decrease in Q/K. e. decrease in (Q + K)/L.
Limits on the quantity of a foreign good that can be imported into the domestic market are
A. import capacity limits. B. import quotas. C. tariffs. D. export quotas.
The efficient market hypothesis suggests that:
A. Congress is unable to pass effective laws. B. the Fed will be unable to pop an asset price bubble. C. asset price bubbles won't occur. D. asset price bubbles are a normal part of an economy.