The term "value added" is used to describe:
a. the increase in the value of a product that occurs at each stage of production.
b. the amount subtracted from the value of goods because of inflation.
c. the total value of all intermediate goods used in the production of the final good.
d. the amount paid in the final sale of a product or service.
e. the amount subtracted from the value of resources because of depreciation.
a
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In the above figure, suppose the quantity produced is 40. Then
A) the marginal social cost of the 40th unit is $1. B) the willingness to pay for the 40th unit is $2, the equilibrium price. C) production is not efficient because MSB > MSC. D) production is not efficient because MSC>MSB.
The interest rate that describes how well a lender has done in real terms after the fact is called the
A) ex post real interest rate. B) ex ante real interest rate. C) ex post nominal interest rate. D) ex ante nominal interest rate.