Midterm #2 - Economics Flashcards | Quizlet ~ Lifestyle HUB

Gasoline is considered a final good if it is sold by a a. gasoline station to a bus company that operates a bus route between San Francisco and Los Angeles.The final good, which is sold directly to the consumer, is the bread. The baker sells all of it for $300, adding another $100 of value ($300 - $200 = $100). That oven is considered a capitalGasoline is considered a final good if it is sold by a a. gasoline station to a bus company that operates a bus route between San Francisco and Los Angeles. b. pipeline operator to a gasoline station in San Francisco. c. gasoline station to a motorist in Los Angeles. d. All of the above are correct.Operating expenses and cost of goods sold are both expenditures used in running a business but are broken out differently on the income statement.Gasoline, one of the main products of the extraction industries, works well for the purpose intended. It is the result of the efforts of thousands of scientists, engineers, and technicians, in perfecting its properties (octane, volatility,etc) so

Intermediate Good Definition

Gasoline is considered a final good if it is sold by a a. gasoline station to a bus company that operates a bus route between San Francisco and Los Angeles.An octane rating, or octane number, is a standard measure of an engine or aviation gasoline capability against compression.The higher the octane number, the more compression the fuel can withstand before detonating.Octane rating does not relate directly to the power output or the energy content of the fuel per unit mass or volume, but simply indicates gasoline's capability against compression.Gasoline is a hydrocarbon mixture, which is very energy rich. When undergoing refining, impurities such as sulfur are removed, while other compounds are added to help achieve the oil's desired octane level and number. The final gasoline product is a carefully chemically calibrated compound, which will deteriorate over time.In your situation, the shipping expenses would be considered a normal/general business expense and not cost of goods sold. Containers and packages that are an integral part of the product are a part of your cost of goods sold. If they are not an integral part of the final product, their costs are shipping or selling (normal business) expenses.

Chapter 15 Econ Final Flashcards | Quizlet

In fact, the average price of a gallon of gas actually dropped 3 cents a gallon over the past week in Florida — from $2.77 to $2.74 for unleaded regular — but remains 2 cents more than a yearGasoline is considered a final good if it is sold by a gasoline station to a bus company that operates a bus route between San Francisco and Los Angeles. pipeline operator to a gasoline station in San Francisco. gasoline station to a motorist in Los Angeles.After a product has been sold, it's considered merchandise. This means that once you have decided to purchase a finished good at the store and you have checked out with it, it is no longer called a...The final number derived from the calculation is the cost of goods sold for the year. COGS only applies to those costs directly related to producing goods intended for sale. The balance sheet hasGasoline is considered a final good if it is sold by a a. gasoline station to a bus company that operates a bus route between San Francisco and Los Angeles.

1. Gasoline is considered a final good if it is sold by a (Points : 1)gasoline station to a bus company that operates a bus course between San Francisco and Los Angeles.pipeline operator to a gasoline station in San Francisco.gasoline station to a motorist in Los Angeles.All of the above are right kind.2. If the associated fee index was Ninety in 12 months 1, One hundred in 12 months 2, and 95 in year 3, then the financial system skilled (Points : 1)10 p.c inflation between years 1 and a couple of ,and 5 % inflation between years 2 and 3.10 % inflation between years 1 and a pair of, and Five % deflation between years 2 and 3.11.1 percent inflation between years 1 and 2, and 5 percent inflation between years 2 and 3.11.1 percent inflation between years 1 and a pair of, and 5 p.c deflation between years 2 and 3.3. The value of products added to a firm's stock in a positive 12 months is handled as (Points : 1)intake, since the items will likely be sold to customers in some other period.saving, since the items are being saved until they're sold in any other duration.funding, since GDP goals to measure the value of the financial system's production that year.spending on durable items, because the goods could no longer be inventoried except they have been sturdy.4. Goods that pass into inventory and are not sold all through the present length are (Points : 1)counted as intermediate items and so aren't incorporated in current length GDP.counted in current length GDP most effective if the company that produced them sells them to some other firm.included in present period GDP as inventory investment.integrated in current duration GDP as intake.5. Table 23-1

The table beneath contains data for the rustic of Wrexington for the 12 months 2006. GDP 0 Income earned by electorate abroad Income foreigners earn right here Losses from depreciation Indirect trade taxes Business subsidies

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[/scrape_url] Retained earnings Corporate income taxes Social insurance contributions Interest paid to families by government Transfer payments to families from govt Personal taxes Nontax payments to govt

Refer to Table 23-1. Disposable personal source of revenue for Wrexington in 2006 is (Points : 1) . . 6. 6. 6. In the economy of Wrexington in 2008, intake was once 00, exports were 0, GDP used to be 00, govt purchases had been 00, and imports have been 0. What was once Wrexington's funding in 2008? (Points : 1) 00 00 00 00 7. Gross domestic product contains all (Points : 1) prison and unlawful goods, but it excludes all criminal and illegal products and services. felony and unlawful items and all criminal and illegal products and services. legal goods and services and products, but it excludes unlawful goods and services. felony and unlawful items and felony services and products, however it excludes unlawful services. 8. Over the previous couple of a long time, Americans have chosen to cook less at home and eat more at eating places. This change in conduct, by itself, has (Points : 1) lowered measured GDP. no longer affected measured GDP. larger measured GDP handiest to the level that the value of the restaurant meals exceeded the value of foods previously cooked at home. increased measured GDP by the total worth of the eating place meals. 9. Which of the following items is counted as a part of govt purchases? (Points : 1) The federal government can pay the wage of a Navy officer. The state of Nevada can pay a personal company to fix a Nevada state freeway. The town of Las Vegas, Nevada will pay a private firm to gather rubbish in that city. All of the above are proper. 10. Gina, a U.S. citizen, works handiest in Germany. The worth of Gina's manufacturing is included in (Points : 1) U.S. GDP and German GDP. U.S. GDP and German GNP. U.S. GNP and German GDP. U.S. GNP and German GNP. 11. For an imaginary economy, the worth of the shopper value index was once 138.75 in 2007, and the inflation charge used to be 11 p.c between 2006 and 2007. The consumer value index in 2006 was (Points : 1) 125. 127.75. 149.75. 154.01. 12. In the economy of Wrexington in 2008, exports were 0, GDP was once 00, government purchases have been 00, imports were 0, and investment used to be 00. What was Wrexington's intake in 2008? (Points : 1) 00 00 00 00 13. In the real financial system, items and services and products are purchased by (Points : 1) families, but now not corporations or the government. households and firms, however now not the government. families and the government, but no longer firms. families, corporations, and the federal government. 14. In 2007, Corny Company grows and sells

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million worth of corn to Tasty Cereal Company, which makes corn flakes. Tasty Cereal Company produces million price of corn flakes in 2007, with sales to families during the year of .5 million. The unsold 1.5 million value of corn flakes remains in Tasty Cereal Company's inventory at the finish of 2007. The transactions simply described give a contribution how a lot to GDP for 2007? (Points : 1) .5 million million .5 million million 15. Between October 2001 and October 2002, the CPI in Canada rose from 116.Five to 119.Eight and the CPI in Mexico rose from 93.2 to 102.3. What have been the inflation rates for Canada and Mexico over this one-year period? (Points : 1) 2.8 p.c for Canada and 9.1 percent for Mexico 2.Eight % for Canada and 9.8 % for Mexico 3.3 % for Canada and 9.1 % for Mexico 3.3 percent for Canada and 9.Eight % for Mexico 16. Which of the following is now not incorporated in GDP? (Points : 1) carrots grown on your lawn and eaten by your circle of relatives carrots bought at a farmer's market and eaten by your family carrots bought at a grocery store and eaten by your circle of relatives More than some of the above is not included in GDP. 17. U.S. GDP and U.S. GNP are related as follows: (Points : 1) GNP = GDP + Value of exported items - Value of imported goods. GNP = GDP - Value of exported items + Value of imported goods. GNP = GDP + Income earned by foreigners in the U.S. - Income earned by U.S. citizens out of the country. GNP = GDP - Income earned by foreigners within the U.S. + Income earned by U.S. voters abroad. 18. During the present quarter, a firm produces shopper goods and adds a few of the ones items to its inventory slightly than selling them. The value of the products added to inventory is (Points : 1) now not included in the current quarter GDP. integrated within the current quarter GDP as investment. integrated within the present quarter GDP as intake. incorporated in the present quarter GDP as a statistical discrepancy. 19. In the nation of Paolaland, quarterly GDP is at all times higher in the second one quarter than in other quarters. In order to account systematically for this predictable second-quarter leap in GDP, Paolaland's government statisticians will (Points : 1) make use of a statistical procedure known as seasonal adjustment. report a four-quarter shifting moderate of GDP somewhat than the one-quarter determine. document GNP somewhat than GDP. file private source of revenue fairly than GDP. 20. James owns two houses. He rents one house to the Johnson family for ,000 according to 12 months. He lives in the other space. If he have been to hire the home during which he lives, he may just earn ,000 in step with 12 months in hire by doing so. How much do the housing services and products provided by the 2 homes give a contribution to GDP? (Points : 1) [scrape_url:1]