Intermediate goods are produced by one firm for use in further processing by another firm.
Answer the following statement true (T) or false (F)
True
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Refer to the table above. If the price of one chocolate is $2, the marginal benefit per dollar spent on the fourth unit will equal:
A) $4. B) $2. C) $2.5. D) $5.
The above figure shows the competitive market for turkey. The producer surplus for the 300 millionth pound of turkey is
A) $1.20 per pound. B) $135 million. C) $0.30 per pound. D) $0.80 per pound.
Refer to Figure 28-7. Consider the Phillips curves depicted in the graph above. The Fed announces its intention to decrease inflation from 10 percent to 5 percent per year, and it succeeds
If the assumptions of the rational expectations school hold true, and the Fed's announcement is credible, the rate of unemployment will be ________ in the short run. A) less than 5.5 percent B) 5.5 percent C) between 5.5 and 7.5 percent D) 7.5 percent
Positive economic analysis
a. involves the study of firms with positive profits. b. involves how resources are actually used in an economy. c. involves judgments on how resources should be used in an economy. d. is usually thought to be a waste of time.