Intermediate inputs are
A) goods used for household consumption only.
B) goods used for government consumption only.
C) goods purchased by one business from another to use in production.
D) raw materials used in the production process.
C
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Which of the following is an opportunity cost of cyclical unemployment?
a. A higher wage rate b. A lower interest rate c. Lower taxes paid by the employed d. Costs of updating prices e. Lost earnings of the unemployed
With ATMs, it is possible to retrieve cash from the bank at any time. One hundred years ago, one could only get cash from the bank during business hours, say, 9 am to 3 pm. The present availability of 24-hour service has arisen because:
A. flexibility was not valued 100 years ago. B. government forced banks to become more convenient. C. it was impossible to provide 24-hour service 100 years ago. D. the cost of providing 24-hour service is much lower today.
Compared to a perfectly competitive firm, in a long run the monopolistically competitive firm will have
A. a lower rate of output. B. a lower average cost. C. a lower price. D. a horizontal demand function.
Which of the following will not occur as the result of a decrease in net taxes?
A) decreased household saving B) decreased government saving C) a shift to the left of the supply curve for loanable funds D) all of the above