Which of the following is not an example of an intermediate good?
A. an oven bought by a homeowner
B. gasoline bought by a trucking company
C. flour bought by a bakery
D. office supplies bought by an accounting firm
Answer: A
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___________ is usually measured by the annual percent change in real output of goods and services per capita
Fill in the blank(s) with the appropriate word(s).
A trade-off between aggregate output and inflation
A) is theoretically possible, but has never been observed in practice. B) may exist in the short run, but not in the long run. C) may exist in the long run, but not in the short run. D) exists in both the short run and the long run.
If government decides not to charge for access to a highly demanded highway, which of the following is most likely to happen?
a. Government will keep capacity the same. b. Government increase capacity to reduce congestion. c. Government will encourage telecommuting. d. Government will produce an inefficient level of highways to maximize social welfare.
Economists say that a market where goods are not consumed by those valuing the goods most highly is
a. laissez-faire.. b. unequal. c. inefficient. d. rational.