In national income accounting, a "final good" is
A) a finished product.
B) something purchased with the goal of further resale.
C) something purchased by an ultimate user in the household, business, or government sector.
D) something that is impossible to determine.
C
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The real balances effect suggests that
A. when prices are higher, you buy fewer because the marginal utility of a good is diminishing. B. when prices are higher, you buy more. C. when prices are higher, your buying power is less, so you buy less. D. when prices are higher, you buy less of what you originally wanted and use something else instead.
Which statement best describes a command economy?
A. The production of goods and services is determined primarily by markets, but the allocation of goods and services is determined primarily by government. B. The production and allocation of goods and services is determined primarily through markets. C. The production and allocation of goods and services is determined primarily through government. D. The production of goods and services is determined primarily by government, but the allocation of goods and services is determined primarily by markets.
A pollution tax will:
A. always be paid entirely by producers. B. not change the price buyers pay for a good. C. be shared between buyers and sellers. D. always be paid entirely by buyers in the form of a price increase equal to the amount of the tax.
When the price of TVs goes up and fewer TVs are purchased, this is representative of the
A) law of demand. B) law of supply. C) law of market operations. D) law of increasing costs.