The total value added
A. equals the sum of the prices on the intermediate goods.
B. equals the retail price less the wholesale price.
C. equals the retail price.
D. equals the wholesale price.
Answer: C
You might also like to view...
In the United States during the Great Depression, tariffs were ________ than they were following World War II, and ________ than they are today
A) higher; higher B) higher; lower C) lower; lower D) lower; higher
A cottage industry exists in the home-manufacture of ‘country crafts'. Especially treasured are handmade quilts. If the fourth completed quilt took 30 hours to make, and the eighth quilt took 28 hours. What is the percentage learning?
a. 5% b. 6.7% c. 10% d. 100% e. 122%
A tax on gasoline encourages people to drive smaller, more fuel-efficient cars. Which principle of economics does this illustrate?
a. People face tradeoffs. b. The cost of something is what you give up to get it. c. Rational people think at the margin. d. People respond to incentives.
Based on the graph showing equilibrium output and price for a monopolist, profits stop growing when production goes beyond which point?
a. QD
b. Q1
c. Q2
d. QM