Provide examples of each: consumer durable goods, consumer nondurable goods, and services. Instructions: You may select more than one answer. Click the box with a check mark for correct answers and click to empty the box for the wrong answers.
1. Which of the following are consumer durable goods?
A. A new Ford Fiesta
B. Heart surgery
C. A dining room table
D. A jacket
2. Which of the following are consumer nondurable goods?
A. A burrito
B. A couch
C. Mashed potatoes
D. A pair of jeans
3. Which of the following are services
A. Your completed taxes
B. Tires
C. Repairs to your truck
D. Peanut butter
1. Ans: A new Ford Fiesta, A dining room table
2.Ans: A burrito, Mashed potatoes, A pair of jeans
3. Ans: Your computer taxes, Repairs to your truck
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A) will be negative. B) will be zero. C) may be either positive or negative. D) will be positive.
Assume that the economy is currently in short-run equilibrium, then the dollar appreciates in the foreign exchange market. Describe the correct sequence of events that happen as the economy adjusts to a new short-run equilibrium (be sure to state what the impact would be on the price level and Real GDP)
The foreign exchange rate refers to
A. the price at which purchases and sales of foreign goods take place. B. exports minus imports. C. the amount of one currency that must be paid to obtain one unit of another currency. D. the ratio of exports to imports.
Refer to the graph shown. Assume that the market is initially in equilibrium at a price of $6 and a quantity of 40 units. If the government imposes a $2 per-unit tax on this product, it will collect tax revenue in the amount of:
A. $120. B. $80. C. $60. D. $100.