Question :
21) Which of the following correctly describes a final good? : 1238448
21) Which of the following correctly describes a final good?
i.A final good is bought by its final consumer.
ii.A final good can be used by a firm as a component of another good or service.
iii.Investment goods cannot be a final good.
A) i only
B) i and ii
C) i, ii and iii
D) i and iii
E) ii and iii
22) Which of the following is a final good or service?
A) the grilled chicken purchased by Taco Bell for use in their burritos
B) a new replacement muffler installed by Midas Mufflers
C) the fertilizer purchased by Royal Lawn and Landscape
D) the computers purchased by Office Depot for sale to its customers
E) the CPUs purchased by Dell to be used in their computers
23) Which of the following is a final good or service?
A) tires purchased by Ford for use on one of their SUVs
B) the new economics textbook you are using
C) the hair gels used by a hair stylist at the local hair salon
D) the butter used by a chef to make butter cream frosting
E) the taco shells purchased by Taco Bell for use in their tacos
24) A restaurant buys fish to offer as a daily menu special. The purchase of the fish by the restaurant is
A) a consumption expenditure.
B) an investment.
C) an intermediate good.
D) an example of government expenditures on goods and services.
E) part of net exports if the fish was caught beyond the U.S. border.
25) Which of the following is classified as an intermediate good?
i.the purchase of a Big Mac by a college student
ii.McDonald’s purchase of pickles
iii.a McDonald’s restaurant owner’s interest payment for the loan on her building
A) ii only
B) ii and iii
C) i only
D) i and iii
E) i, ii and iii
26) Which of the following is an example of an intermediate good or service?
A) gasoline purchased by Sam for her commute to work
B) flour purchased by Jake to bake a cake for his spouse
C) training seminars for employees of an accounting firm
D) golf balls sold to Tiger Woods
E) None of the above are examples of intermediate goods or services.
27) Which of the following would NOT be directly included in the U.S. GDP in 2010?
A) the market value of restaurant meals sold in 2010
B) the market value of the jet fuel bought by Delta to use for its flights in 2010
C) the value of the automobiles produced in 2010 at the Toyota plant located in Georgetown, Kentucky
D) legal services provided to first time home buyers during 2010
E) the purchase of a new home in Atlanta, Georgia in 2010
28) One bag of coffee beans is sold for $7 to a cafe that uses it to brew coffee which it sells to customers for a total of $15. A second bag of coffee is sold directly to Joan for $7, who uses it to brew coffee for her family every morning. What is the contribution to GDP from the purchases of coffee beans and coffee?
A) $7
B) $14
C) $15
D) $22
E) $29
29) Consumption expenditure includes spending
A) on intermediate goods and services by firms.
B) on office supplies by firms.
C) by households.
D) by households and spending on office supplies by firms.
E) by governments when they are buying goods and services that consumers also buy.
30) Consumption goods and services include
A) washing machines and tickets to football games.
B) new homes and existing homes (as long as improvements have been made to the existing home).
C) tickets to concerts and medical care provided to veterans by the government.
D) new and used textbooks as long as they are sold via stores or online.
E) vacation time accumulated by workers.
