Intermediate inputs are
A) goods used for household consumption only.
B) goods used for government consumption only.
C) goods purchased by one business from another to use in production.
D) goods purchased by foreigners.
E) raw materials used in the production process.
C
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During a recession when people's incomes drop, grocery chains experience much smaller declines in sales than do upscale department stores. Explain this phenomenon using the concept of elasticity
What will be an ideal response?
If a decrease in the price of good A causes a decrease in demand for good B, the two goods are
A) substitutes. B) complements. C) normal. D) inferior.
The following list contains factors that are related to the aggregate demand curve.1)Household expectations 2)Profit expectations 3)Degree of excess capacity 4)Personal income tax rates 5)Exchange rates 6)National income abroad 7)Government spending 8)Household wealth Refer to the above information. A change in net export spending would most likely be caused by changes in:
A. 5 and 6. B. 4 and 7. C. 2 and 3. D. 1 and 8.
Which point best represents the economy in a depression?
A. Point H
B. Point F
C. Point I
D. Point G