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Questions and Answers

What defines intermediate goods in economics?

  • Goods consumed for personal satisfaction
  • Goods used in the production process (correct)
  • Finished goods ready for consumption
  • Capital goods used for investment

    • Which of the following is an example of an intermediate good?

  • Bread purchased by a consumer
  • Flour used by a bakery to make bread (correct)
  • Cars sold to individual buyers
  • Clothing sold in a retail store

    • What is the key characteristic of final goods in the context of economic classification?

  • They undergo further processing.
  • They are consumed for personal satisfaction. (correct)
  • They are used as inputs in production.
  • They have no resale value.

    • In the national income accounting framework, how are intermediate goods treated?

    <p>They are excluded from the calculation of GDP.</p> Signup and view all the answers

    Which statement best describes the purpose of categorizing goods as intermediate or final in economic analysis?

    <p>To avoid double accounting in GDP calculation</p> Signup and view all the answers

    Why are intermediate goods not included in the calculation of final GDP?

    <p>They are already accounted for in the production process.</p> Signup and view all the answers

    Which of the following is example of final good?

    <p>A and C</p> Signup and view all the answers

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