A ________ is a final good and ________ is an intermediate good
A. new car bought by a student; a used SUV bought by a dealer
B. new textbook; used textbook
C. new iPhone bought by a student; new computer bought by Wal-Mart
D. tank of gasoline bought by you; jet fuel bought by Southwest Airlines
D The gasoline has been purchased by its ultimate user, so it is a final good; the jet fuel purchased by Southwest Airlines will be used to help produce an service, airline flights, so it is an intermediate good.
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The term Ceteris paribus means that:
a. the model includes all important variables occurring in the real world. b. all factors which influence the event are changing at the same time. c. one influence is changing and everything else is being held constant. d. the consumer is king.
Explain the difference between real and nominal income. How can you get an approximation of the percentage change in real income from one time period to another?
What will be an ideal response?