Which of the following is the best example of an intermediate good?
A. A new highway
B. The commission that goes to a real estate agent
C. Wax purchased by a candle company
D. Wheat sold to a foreign country
Answer: C
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Which of the following provide benefits to society at large and not just to the person(s) who pursues it?
a. both technological knowledge that is a public good and education b. technological knowledge that is a public good, but not education c. education, but not technological knowledge that is a public good d. neither education, nor technological knowledge that is a public good
Whenever there is excess demand for real balances, short-run adjustment occurs because:
a. savers and investors buy bonds and drive up their prices (drive down nominal rates of interest). b. investors and borrowers sell bonds (convert to cash) and drive down their prices (drive up nominal rates of interest). c. the price level falls to restore real balances. d. aggregate demand is decreased to restore equilibrium.
The 2008-2009 deficit stimulus spending by the federal government is an example of expansionary sound finance.
Answer the following statement true (T) or false (F)
Which of the following is a determinant of market supply but not the supply curve of an individual firm?
A. Expectations. B. Technology. C. The price of factor inputs. D. The number of firms in the market.