Which of the following is an example of an intermediate good?
A. An antique car sold to the highest bidder
B. A pair of skis sold by a sporting goods retailer to a skier
C. The lumber produced by Boise Cascade and sold to a builder of old houses
D. A share of IBM stock
Answer: C
You might also like to view...
Daniel Hammermesh and Stephen Donald studied the determinants of the earnings of college graduates years after they graduated. Which of the following is one result of their study?
A) Students who took more Advanced Placement (AP) courses while still in high school earned significantly more income for each AP course they passed with a grade of 4 or 5. B) Students who took at least three economics courses earned about 9 percent more income than students who took no college economics courses. C) Students who had taken 15 credits of upper-division science and mathematics courses and earned high grades in these courses earned about 10 percent more than students who took no upper-division classes in these subjects. D) The earnings of identical twins were about 9 percent higher than the earnings of all other students.
The Stackelberg model is more appropriate than the Cournot model in situations where
A) there are more than two firms. B) all firms enter the market simultaneously. C) one firm makes its output decision before the other. D) firms will be likely to collude.
All of the following are true regarding managerial diseconomies except which one?
A) Managerial diseconomies are a cost associated with vertical integration. B) An increase in the required expertise of managers is a type of managerial diseconomy. C) Managerial diseconomies incentivize vertical integration. D) Increased complexity of the firm is a type of managerial diseconomy.
Suppose this table shows your demand schedule for tee shirts. (a) What is your total utility from three tee shirts? (b) What is your marginal utility from the third tee shirt? (c) If price were $2, how much would your consumer surplus be?
