Which of the following would be an example of an intermediate good or service?
(a) A calculator purchased by a college student for taking exams.
(b) Petrol purchased by an insurance agent's car to drive to visit clients at their homes.
(c) A house purchased by a family with four children.
(d) A car purchased by a student's parents and given to the student.
Answer: (b) Petrol purchased by an insurance agent's car to drive to visit clients at their homes.
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Indicate whether the statement is true or false
Refer to Figure 12-9. At price P1, the firm would produce
A) Q1 units B) Q3 units. C) Q5 units. D) zero units.
"Stranded costs" complicated restructuring in the electricity industry
Indicate whether the statement is true or false
Between 1891 and 1896,
a. both "external" and "internal" gold drains plagued the U.S. Treasury. b. Americans rushed to exchange notes for gold. c. Treasury reserves of gold dipped below the minimum reserve of $100 million. d. increases in commodity exports ultimately bolstered the gold reserves of the Treasury. e. All of the above.