The goods and services that are used in the production of other goods and services are called:
a. gross domestic goods.
b. intermediate goods

Adam Smith

A) is responsible for refining the model of supply and demand. B) is the author of this text. C) is considered the founder of economics. D) introduced the concept of ceteris paribus to the discussion of supply and demand.

According to this Application, home equity is the single largest component of net wealth for most families in the United States. As home equity falls

A) autonomous consumption will decrease, shifting the consumption function downward. B) the MPC will decrease, increasing the slope of the consumption function. C) autonomous consumption will decrease, shifting the consumption function upward. D) the MPC will decrease, decreasing the slope of the consumption function.