Janet bought flour and used it to bake bread she ate. ABC Bakery bought flour which it used to bake bread that customers purchased. In which case will the flour be counted as a final good?
a. Janet's purchase and ABC Bakery's purchase.
b. ABC Bakery's purchase but not Janet's purchase.
c. Janet's purchase but not ABC Bakery's purchase.
d. Neither Janet's purchase nor ABC Bakery's purchase.
c
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The business cycle describes
A) the change in the standard of living across countries. B) the change in potential GDP over time. C) the behavior of real GDP over time. D) the behavior of nominal GDP over time. E) the behavior of GNP over time.
What is a market? Must a market have a single physical location?
What will be an ideal response?
If the expected future exchange rate rises, the currency's
A) quantity supplied increases. B) supply decreases. C) supply increases. D) exchange rate falls.
The total physical product of an input is the same thing as its
a. total revenue product. b. marginal physical product times output. c. output. d. total consumer's surplus.