Jimmy Earl, a farmer, sells $20 worth of peanuts to a factory that manufactures peanut butter, which sells it for $45 . Which of the following is true?
a. Total value added is $65
b. The value of final sales is $65.
c. The value of final sales is $25.
d. Total value added is $25.
e. Total value added is $45.
a
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The burden of a per-unit tax will fall disproportionately on consumers when the supply curve is relatively more elastic than the demand curve.
Answer the following statement true (T) or false (F)
If fixed cost rises,
a. the profit maximizing level of output would decrease. b. the profit maximizing level of output would not change. c. marginal cost rises. d. variable cost falls.
When the Federal Reserve system was being created, some people thought that there should be as few district banks as possible to enhance efficiency and for ease of operation
Indicate whether the statement is true or false
Economists use the word "money" to refer to
a. income generated by the production of goods and services. b. those assets regularly used to buy goods and services. c. financial assets such as stocks and bonds. d. any type of wealth.