Goods and services that are consumed by the ultimate user are called ________ goods and services.
A. nominal
B. value added
C. final
D. intermediate
Answer: C
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In economics, the term "free rider" refers to
A) a person who evades taxes. B) one who waits for others to produce a good and then enjoys its benefits without paying for it. C) a supervisor who delegates menial time-consuming activities to others. D) one who volunteers her services.
If a natural monopoly regulatory commission sets a price where marginal cost is equal to demand
A) the firm would earn monopoly profits. B) the firm would incur a loss. C) economic efficiency would not be achieved. D) the firm would break even.
Another term to describe the normal rate of return on capital is the
A) fixed cost of capital. B) depreciation cost of capital. C) opportunity cost of capital. D) monopoly rent.
Which of the following institutions do economists see as necessary for economic growth?
A. private property rights B. efficient taxes C. stable money and prices D. representative democracy