Which of the Following Is a Manufacturing Activity

question 11

Multiple Choice

Which of the following is a manufacturing activity?

• A)finished goods being sold directly to the public
• B)developing new products through research and development
• C)converting raw materials into finished goods
• D)all of the above

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Definitions:

Utility Function

A mathematical representation of how consumers rank different bundles of goods according to the levels of satisfaction those goods provide.

Numeraire

A standard unit of account in economics used to compare the value of goods and services.

Perfect Substitutes

Goods that a consumer is completely indifferent between, meaning they will substitute one for another at a constant rate regardless of any change in price or utility.

Perfect Complements

Goods that are always used together in fixed proportions, where the utility or value of one item increases with use of the other.