Exam 6: Tracking the U S Economy

A farmer grows wheat and sells it to a bakery for $5.The bakery uses the wheat to bake bread and sells it to a distributor for $20.The distributor sells the bread to a supermarket for $30,which then sells the bread to customers for $50.Which of the following is true?

Which of the following is not an example of intermediate goods or services?

Which of the following would be included in this year's gross domestic product (GDP)?

If a firm hires labor for $8,000,pays rent of $4,000,buys raw materials for $13,000 from another firm,earns profits of $1,200,and sells its output for $31,000,the value added by the firm is _____.

Which of the following would be included in the calculation of gross domestic product (GDP)?

Which of the following is an example of a final good or service?

Taxes are injections into the circular flow of income and expenditure model.

If the nominal gross domestic product (GDP)for the year 2000 was $6.2 trillion and the price index was 200,the real gross domestic product (GDP)for 2000 was _____.

Jimmy Earl,a farmer,sells $20 worth of peanuts to a factory that manufactures peanut butter,which sells it for $45.Which of the following is true?