Chapter 12 and 13 answers.pdf - 1 12 A a Intermediate goods are goods used in the production of final goods Final goods are the goods which are ready

Chapter 12 and 13 answers.pdf - 1 12 A a Intermediate goods...

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1. 12 A a. Intermediate goods are goods used in the production of final goods. Final goods are the goods which are ready for sale in the market b. Households, business firms, the government, and foreign buyers. c. It is a less accurate indication of the nation's true productivity. 2. 12 B a. i. Domestic inability to produce some goods, ii. Better quality of some foreign goods iii. Cheaper foreign materials iv. Lower foreign wages v. Lower foreign capital costs vi. foreign subsidies b. Protectionists and advocates of free trade. c. They propose trade quotas to limit foreign imports and tariffs to increase the price of imports, therefore making domestic goods more desirable. d. They both supported free trade and opposed protectionism. 3. 12 Review a. i. to calculate GDP you multiply quantity of goods produced in that country by their prices ii. Includes the sale of only final goods/services
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iii. An issue is tabulating the value of unsold inventories iv. Includes only those goods/services that manufacturers produced
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