A family purchases a package of sandwich buns at a supermarket. Are those buns considered a "final" good?
A) No, because they are an intermediate ingredient in the actual final good: sandwiches.
B) Yes, if the family eats them and does not sell the sandwiches made from them.
C) No, because the supermarket bought the finished buns, so they are "used" goods by the time the family buys them.
D) Yes, for so long as it is sold on the market it is a final good.
B
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Country X and Country Y are two neighboring countries which are experiencing recession. The government of Country X reduced its expenditure during the recession while Country Y's government increased the supply of money in the economy
Which of the two policies will help the economy to recover from the recession?
A baseball player who has signed a long-term contract with his club and then constantly says he is injured and cannot play is an example of ________
A) the principal-agent problem B) marginal returns to work C) the law of diminishing returns D) inefficient hiring practices
The increase in living standards of American workers over the past century is primarily due to
a. the success of labor unions. b. minimum-wage laws. c. improvements in productivity. d. None of the above are correct.
A constant-cost industry is more likely to arise in a market where:
A. the industry takes only a small portion of the resources available. B. the industry takes only a large portion of the resources available. C. inputs have very different levels of quality. D. firms have large fixed costs and small marginal costs.