A Durable Good Is Defined as A(n)

question 229

Multiple Choice

A durable good is defined as a(n)

• A)item consumed in one or a few uses.
• B)item that usually lasts over an extended number of uses.
• C)item that lasts at least one year without becoming obsolete.
• D)product purchased only for the use of ultimate consumers.
• E)product used in the production of other products.

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Definitions:

Demand

In economics, demand is the quantity of a good or service that consumers are willing and able to purchase at various prices during a certain period of time.

Great Recession

A severe global economic downturn that began in 2007 and lasted until about 2009, marked by significant declines in the housing market, financial failures, and a surge in unemployment rates.

Fiscal Policy

A government's strategy for managing its budget through taxation and spending to influence the economy.

Tax Cuts

Reductions in the amount of taxes imposed by the government.