Which of the following is a final good?
A) the memory chips in your new smart phone
B) a share of IBM stock
C) flour purchased at the store to bake cookies
D) flour used by the bakery to bake cookies
C
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The number of units of developing country currency required to purchase a basket of goods and services in a developing country that costs one dollar in the U.S. is given by
a. GNI price deflator. b. Human Development Index ranking. c. purchasing power parity. d. the exchange rate.
A more efficient process for refining oil into gasoline is developed. As a result, the market price of gasoline: a. and the quantity of gasoline purchased both increase
b. increases and the quantity of gasoline purchased falls. c. decreases and the quantity of gasoline purchased rises. d. decreases and the demand curve for gasoline shifts to the right.