Which of the following is an example of an intermediate good?
a. Sugar bought by a bakery
b. Sugar bought by a family
c. Furniture bought by a family
d. Burgers bought at a restaurant
e. Medicines bought at a pharmacy
a
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Starting from long-run equilibrium, an increase in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. lower; higher D. higher; potential
In 2014, the price of peanuts was rising, which led peanut butter sellers to expect the price of peanut butter would rise in the future
Consequently, in the current market for peanut butter there was ________ which resulted in ________ in the price of peanut butter and ________ in the quantity of peanut butter. A) an increase in demand for peanut butter; an increase; an increase B) an increase in supply of peanut butter; a decrease; an increase C) a decrease in demand for peanut butter; a decrease; a decrease D) a decrease in supply of peanut butter; an increase; a decrease
Comparative advantage is
a. the ability of an individual to specialize and produce a greater amount of some good than can another individual b. the number of units of one good given up in order to acquire something c. the ability of an individual to produce a good at a lower opportunity cost than some other individual can d. an expression for the amount of labor a particular individual needs to produce a fixed amount of capital goods e. a reference to an individual having the greatest opportunity cost of producing the good and produces it with the fewest resources
The short-run equilibrium level of real output and the price level are determined by the intersection of the aggregate demand curve and the short-run aggregate supply curve
a. True b. False Indicate whether the statement is true or false