Which of the following is an example of an intermediate product?
A. The lumber produced by Boise Cascade and sold to a builder of old houses
B. An antique car sold to the highest bidder
C. A pair of skis sold by a sporting goods retailer to a skier
D. A share of IBM stock
Answer: A
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Based on export ratios, which of the following countries is closest to being a closed economy?
A. Belgium. B. Samoa. C. Saudi Arabia. D. China.
In 2015, the population of the world
A. was approximately 500 million people. B. fell below 2 billion people. C. was more than 7 billion people. D. was close to 1 trillion people.
If the total expenditures of a typical family equaled $35,000 per year in 2015 and the exact same basket of goods and services cost $40,000 in the year 2017, the family's cost of living:
A. increased by 14 percent. B. increased by 12.5 percent. C. decreased by 12.5 percent. D. decreased by 14 percent.
When the government provides a legal framework,
A. Private market transactions suffer and government market transactions benefit. B. Private market transactions benefit and government market transactions benefit. C. Private market transactions suffer and government market transactions suffer. D. None of the choices are correct.