Final goods and services refer to:
A. goods and services that are unsold and therefore added to inventories.
B. goods and services whose value has been adjusted for changes in the price level.
C. goods and services purchased by ultimate users, rather than for resale or further
processing.
D. the excess of U.S. exports over U.S. imports.
Answer: C
You might also like to view...
According to the graph shown, if this economy were to open to trade, domestic producers would:
This graph demonstrates the domestic demand and supply for a good, as well as the world price for that good.
A. transfer surplus in area BC to consumers.
B. transfer surplus in area BCD to foreign producers.
C. lose surplus in area BCD to foreign consumers.
D. receive additional surplus of BCD.
According to the textbook application, the largest oil tanker spill in history
a. occurred when two tankers collided in 1979 off the coast of Trinidad and Tobago b. involved the Exxon Valdezin 1989 c. was associated with the Hebei Spirit in 2007 d. occurred as the result of an explosion of a deepwater oil rig
If a large increase in the wage rate leads to a net increase in the use of capital by a firm, then
A. the substitution effect outweighed the output effect. B. the output effect outweighed the substitution effect. C. the substitution and output effects are equal. D. there is no way to estimate the relative size of the substitution and output effect.
Suppose the economy is initially in the steady state. An increase in the depreciation rate (?) will cause
A) a reduction in K/N. B) a reduction in Y/N. C) a reduction in C/N. D) all of the above E) none of the above