A furniture factory produces dining room sets. The lumber it purchases from the lumberyard is a/an
A. Final service.
B. Final good.
C. Intermediate good.
D. Intermediate service.
Answer: C
Economics
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The factors of production include all goods and services produced in an economy.
Answer the following statement true (T) or false (F)
Economics
A central bank can control the real interest rate precisely, so long as ________ remains constant
A) the nominal interest rate B) monetary policy C) expected inflation D) all of the above E) none of the above
Economics
Perfect competition requires that three conditions be satisfied.
Answer the following statement true (T) or false (F)
Economics
Computers and software programs are
a. inferior goods b. complementary goods c. goods with a cross-price elasticity of demand of 0 d. substitute goods e. perfectly elastic goods
Economics