Which of the following is classified as a final good or service?
i. tires bought by GM to put on new Tahoes
ii. mustard bought by Subway to put on its sub sandwiches
iii. your purchase of online access to the Wall Street Journal
A) i and ii
B) i, ii and iii
C) iii only
D) ii and iii
E) ii only
C
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According to new growth theory,
A) growth in real GDP per capita occurs only if there are increasing returns. B) technological change is influenced by economic incentives. C) economic growth is determined by forces outside the control of the market system. D) centrally-planned economies are the most efficient.
If the market mechanism is efficient, the marginal cost accurately measures the opportunity cost of a good or service
a. True b. False Indicate whether the statement is true or false
The market system is characterized by:
a. Extensive government constraints on individual behavior b. Government rationing of all goods and services c. Government control of all production decisions d. Private ownership of the means of production
What are the two most important demand for money-shifters?
a. changes in price level and in NGDP b. changes in supply level and in NGDP c. changes in price level and in RGDP d. changes in supply level and in RGDP