Which of the Following Is an Example of a Final

question 146

Multiple Choice

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

• A)Bricks purchased by a company for constructing houses
• B)Wheat purchased by a bakery
• C)Steel purchased by a company for manufacturing cars
• D)A cup of coffee bought at a restaurant
• E)A used car bought by a person

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Definitions:

Terms of Trade

The ratio of an index of a country's export prices to an index of its import prices, affecting the balance of trade.

Production Possibilities

The different combinations of goods and services that an economy can produce given its available resources and technology, typically represented by a curve.

International Trade

The exchange of goods and services between countries, allowing economies to grow by specializing in the production of goods they can produce most efficiently.

Quantity Demanded

The total amount of a good or service that consumers are willing to buy at a given price level in a given period.