Intermediate goods are goods and services used:
A. by the ultimate user.
B. by state and local governments.
C. as inputs.
D. both as inputs and final goods.
Answer: C
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Michelle spends all of her income on mangos and rice. Mangos cost $2 per pound and rice costs $1.50 per pound
If Michelle is spending all of her income and the marginal utility per dollar spent is 20 for the last pound of mangos purchased and 10 for the last pound of rice purchased, then A) Michelle is maximizing utility from her present consumption bundle. B) Michelle should buy more rice and fewer mangos in order to maximize utility. C) Michelle should buy more mangos and less rice to maximize utility. D) None of the above answers is correct.
Economic variables that generally turn down before a recession begins and turn back up before the recovery starts are called:
A) leading indicators. B) coincident indicators. C) lagging indicators. D) none of the above.
In the above figure, the monopsonist will employ
A) L2 at a wage of W2. B) L2 at a wage of W3. C) L1 at a wage of W1. D) L1 at a wage of W3.
Paper money in the United States is in the form of
a. treasury notes b. Federal Reserve notes c. silver certificates backed by silver d. gold certificates backed by gold e. U.S. bank notes