Indicate whether each of the following transactions represents the purchase of a final good
1. The purchase of tires from Bridgestone by an automobile manufacturer?
2. The purchase of two new elementary school buildings by the state government?
3. The purchase of french wine by a US consumer?
4. The purchase of a new machine tool by the Ford Motor company?
Answer:
2. The purchase of two new elementary school buildings by the state government?
3. The purchase of french wine by a US consumer?
4. The purchase of a new machine tool by the Ford Motor company?
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Reducing _____ the benefits available to the buyer and seller and might also enable them to make exchanges that were previously impossible
a. transaction costs decreases b. transaction costs increases c. marginal costs decreases d. marginal costs increases
Which of the following statements about leading economic indicators is true?
a. They foreshadow turning points in the business cycle. b. Most people refer to them before making any important spending decision. c. They indicate when an economy is in a recession or an expansion.? d. They are the only economic indicators available to economists.? e. They can predict precisely when turning points in an economy will occur.?
The primary objective of the producer is to find the rate of output that maximizes profit.
Answer the following statement true (T) or false (F)
Refer to the information provided in Figure 7.1 below to answer the following question(s). 
Figure 7.1Refer to Figure 7.1. This corn producer produces 100 bushels of corn and sells each bushel at $5. The cost of producing each bushel is $2. This corn producer's total revenue is ________ and profit is ________.
A. $200; $300 B. $300; $200 C. $500; $200 D. $500; $300