A farmer produces oranges and sells them to Fresh Juice, which makes orange juice. The oranges produced by the farmer are called
a. inventory goods.
b. transitory goods.
c. final goods.
d. intermediate goods.
d
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A firm's demand for labor is derived in part from
A. the value of the firm's stock price. B. consumer demand for the firm's product. C. worker preferences for jobs. D. the level of monthly union dues. E. the firm's sunk costs.
Refer to Scenario 19.4 below to answer the question(s) that follow. SCENARIO 19.4: Suppose demand for widgets is given by the equation P = 10 - 0.25Q. Originally, the price of the good is $5 per unit. When a tax of $1 per unit is imposed, the price of the good rises to $6 per unit.Refer to Scenario 19.4. Prior to the imposition of the tax consumers purchased ________ widgets and after the tax was imposed they purchased ________ widgets.
A. 20; 16 B. 40; 32 C. 10; 8 D. 16; 20
In an open economy in which only two goods are produced and possibly traded, we would find that
a. production occurs where the production possibility curve is tangent to a line with the slope equal to the ratio of the world relative prices. b. production occurs where an indifference curve is tangent to the production possibilities curve. c. consumption occurs where an indifference curve is tangent to the production possibilities curve. d. consumption occurs where the production possibilities curve is tangent to a line with a slope equal to the ratio of the world relative prices.
If all saving and investment could be placed into a tax-deferred saving account, then the federal income tax would approximate a consumption tax
a. True b. False