Buyers and sellers in the market for goods and services might be negotiating an exchange of
A. goods for use by final consumers.
B. labor or financial capital.
C. services provided to final consumers.
D. either goods for use by final consumers or services provided to final consumers.
Answer: D
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What is the good or service is given the most weight in the CPI?
A) housing B) apparel C) recreation D) food and beverages E) transportation
If the money supply is $500 and nominal income is $3,000, the velocity of money is
A) 1/60. B) 1/6. C) 6. D) 60.
In an open economy, a society's consumption possibilities are typically ________ its production possibilities.
A. equal to B. less than C. unrelated to D. greater than
What is economic profit?
A) gross revenue minus explicit costs B) gross revenue minus implicit costs C) gross revenue minus explicit and implicit costs D) the same as accounting profit