Intermediate goods and services are ________ production and ________ counted in GDP.
A. used up in the process of; are
B. the end products of; are not
C. the end products of; are
D. used up in the process of; are not
Answer: D
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In modern economies
A) some prices are very flexible while others are not. B) no prices are very flexible. C) all prices are very flexible. D) prices become less flexible as they increase.
A decrease in the price of rice from 50 cents to 40 cents a pound increases consumption from 16 to 20 tons a week in Gainesville and from 160 to 200 tons in the larger city of Miami. The elasticity of demand for rice is
A. greater in Miami than in Gainesville, even taking into account the population difference. B. greater in Gainesville than in Miami in spite of the population difference. C. equal in Gainesville and Miami regardless of the population difference. D. impossible to compare because of the population difference.
Income is the only factor used to measure a person's wealth.
A. True B. False C. Uncertain
Refer to the information provided in Figure 8.9 below to answer the question(s) that follow. 
Figure 8.9
Refer to Figure 8.9. If this farmer produces the profit-maximizing level of hay when the market price is $18 per bale, her total cost would be
A. $1,200. B. $2,800. C. $5,600. D. $6,300.