Intermediate goods and services are:
A. used only as inputs to produce something else and are not counted as separate items in GDP.
B. goods that consumers buy in parts-like a new tire for their car-and are included as separate items in GDP.
C. goods that consumers buy in parts-like a new tire for their car-and are not included as separate items in GDP.
D. used only as inputs to produce something else and are counted as separate items in GDP.
Answer: A
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Which of the following is NOT a major concern of international economic theory?
A) protectionism B) the balance of payments C) exchange rate determination D) bilateral trade relations with China E) the international capital market
Suppose the supply of dollars increased from S1 to S2 in Figure 36.3. As a result of this change,
A. U.S. computer exports to Switzerland will be lower-priced. B. The Swiss franc will lose value worldwide. C. Swiss chocolate imports to the United States will be lower-priced. D. A trade surplus will be created in Switzerland.