Fill in the blank: National income accountants define a(n) ________ good as something purchased with the goal of reselling it or further processing or remanufacturing it into another sellable good
A) scarce
B) intermediate
C) final
D) finished
E) completed
B
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A firm's accounting profit is also its
A) economic profit. B) net income. C) statement of liabilities. D) income statement.
A famous opera star made $2 million per year. He said he would rather sell insurance if he couldn't make more than $100,000 per year. If he is telling the truth, what's his opportunity cost as an opera star?
A) $2.0 million B) $100,000 C) $1.9 million D) $2.1 million
Part of the reason that people confuse money and income is because
A. money is tangible, but income is intangible. B. money serves as the unit of account. C. money is abstract, but income is concrete. D. income is almost impossible to measure.
The coordination problem accompanying expansionary fiscal policy refers to
a. the tendency of increases in government expenditures to expand private sector output by an even larger amount. b. the possibility that demand stimulus programs will direct resources toward unproductive projects and areas of full employment. c. the possibility that borrowing to finance current spending will lead to lower future interest rates. d. the reluctance of Congress to approve increases in government spending during a recession.