Which of following is an example of a homogeneous product?
A) Gasoline
B) Copper
C) Personal computers
D) Winter parkas
E) both A and B
E
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An example of a final good is:
A. chocolate chips purchased by Nabisco to make Keebler chocolate chip cookies. B. chocolate chips purchased by you to make chocolate chip cookies. C. chocolate chips purchased by a restaurant to make a chocolate chip cookie pie to sell. D. chocolate used to make Cocoa Rice Krispies.
The interest that people receive on the government bonds is part of
a. net national product and is included in national income b. their personal income, but is not included in national income c. their personal income, but is included in capital depreciation d. the underground economy, so it is not included in GDP e. the numerous transfer payments the government makes, so they are not counted as part of national income
________ is maximized when the marginal cost of production equals the marginal benefit to consumers
a. Efficiency b. Productivity c. Social welfare d. Economic profit
Which of the following will shift an economy's production possibilities curve inward?
A. an improvement in technology B. an increase in the unemployment rate C. a decrease in land, labor or capital D. a decrease in the unemployment rate