Which of the following expenditures is for an intermediate good?
A) The government buys new tires for its military vehicles.
B) A U.S. tire firm sells new tires to Canada.
C) General Motors buys new tires to put on the cars it's building.
D) You buy new tires for your used car.
C
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To determine the price elasticity of demand, we
A) need information on consumers' incomes. B) need to know how much is available. C) compare the percentage change in the quantity demanded to the percentage change in the price. D) compare the change in the quantity to the change in price. E) divide the quantity by the price.
Refer to the table above. What is the opportunity cost of commute per month to work if Ryan rents Apartment 2?
A) $20 B) $150 C) $200 D) $300
Many states charge a 10-cent deposit on every can of soda sold. A purchaser pays an extra 10 cents per can and will get his money back by returning the empty can to a store. This policy encourages recycling by
a. increasing the supply of recyclable materials. b. shifting in the demand curve for canned soda. c. raising the opportunity cost of discarding empty cans. d. taxing the production of canned soda.
When a country allows international trade and becomes an importer of a good,
a. domestic producers of the good become better off. b. domestic consumers of the good become worse off. c. the gains of the winners exceed the losses of the losers. d. All of the above are correct.