Which of the following is an example of an intermediate good?
A. the chocolate chips you purchase to make cookies to sell at a bake sale for your kids' school
B. the lumber you buy to build a house for your dog
C. the blueberries you buy to bake yourself some muffins
D. the tortillas you buy to make yourself a burrito for lunch
Answer: A
You might also like to view...
To measure productivity in an economy, we compute the actual real GDP and then divide it by
A) the number of years over which it was produced. B) the amount of labor that went into producing it. C) the capital stock in existence at the time. D) the value of the capital stock that was used up in the process of production. E) the natural real GDP in the same period.
Which of the following is not an advantage of fiscal federalism?
a. It allows people to "vote with their feet." b. It facilitates intergovernmental comparisons. c. It increases the ability of government to bargain with bureaucracies. d. It can limit the costs of government programs to those who benefiting from them.
Which of the following would be the most likely outcome if all perfectly competitive firms in a product market join together to form a monopoly?
A) Both the rate of output and the quantity of labor input employed will decrease. B) Both the rate of output and the quantity of labor input employed will increase. C) The rate of output in the market will increase but the quantity of labor input will decrease. D) The rate of output in the market will decrease but the quantity of labor input will increase.
Suppose Mr. Lee has total income of $120,000, has taxable income of $90,000, and pays $30,000 in taxes. Considering the information, what is Mr. Lee's nominal tax rate?
A. 75 percent. B. 33.33 percent. C. 25 percent. D. 10 percent.