Which of the following is the best example of an intermediate good?
a. a new fighter jet purchased by the federal government
b. tires purchased by an automobile manufacturer for installation on new cars
c. a new saw purchased by a carpenter
d. screwdrivers purchased by a homeowner for home repairs
e. aprons purchased by restaurant chefs
B
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When individuals use ________ about an economic variable to make a decision, expectations are rational
A) only historical information B) all available information C) only information garnered in the private sector D) only information announced by the Fed
Which of the following is NOT an obstacle to increased international economic integration?
A) Monopoly powers given to domestic companies of individual nations B) High tariff rates imposed by industrialized nations C) Health and safety standard requirements D) Labor and environmental standard requirements E) Income disparities among and within trading partners