Sam's Semiconductors produces computer chips, which it sells for $10 million to Carl's Computer Company (CCC). CCC's computers are sold for a total of $16 million. What is the value added of CCC?
A) $6 million
B) $10 million
C) $16 million
D) $26 million
A
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Empiricism refers to the process of:
A) making choices using values and beliefs. B) measuring variables. C) testing ideas using data. D) collecting and organizing data.
An intermediate good is
A) always counted when measuring GDP because it doesn't represent time spent in production of a final good or service. B) a good whose value is of neither a high grade nor a low grade. C) a good that is sold to the government and then redistributed to the poor. D) any good that is resold by its purchaser rather than used as is.
If the expected price level increases at the same time that the federal government cuts taxes, in the short run
A) aggregate output and the price level will both increase. B) aggregate output will increase, but the price level will fall. C) aggregate output and the price level will both fall. D) the price level will increase, but aggregate output may either increase or decrease.
Some firms in monopolistically competitive markets differentiate their products by their physical characteristics.
Answer the following statement true (T) or false (F)