Which of the following is an example of an intermediate good as counted in GDP?
A. a drill used by a professional carpenter
B. a computer owned by Amazon that processes orders
C. lumber used in the construction of a new home
D. a delivery truck owned by FedEx
Ans: C. lumber used in the construction of a new home
Economics
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Generally, the elasticity of demand for an energy source in the long run will be
a. approximately equal to its elasticity of demand in the short run. b. considerably more elastic than in the short run. c. slightly less elastic than in the short run. d. considerably less elastic than in the short run.
Economics
“Rent seeking” describes the search and battle for opportunities to collect economic rents.
Answer the following statement true (T) or false (F)
Economics