Classify the goods and services as final goods and services or intermediate goods and services.

Question

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Answer 1

Question

Chapter 5, Problem 1SQP

(a)

To determine

Classify the goods and services as final goods and services or intermediate goods and services.

(a)

Expert Solution

Explanation of Solution

Hair cut purchased from the hair salon is a final services. The reason is, for the hire cutting, this is the final or ultimate service the consumer can available.

Economics Concept Introduction

Final goods: These goods are not used as raw materials for the production of other commodities during the accounting year.

(b)

To determine

Classify the goods and services as final goods and services or intermediate goods and services.

(b)

Expert Solution

Explanation of Solution

A new automobile is a final good and it can be go for ultimate consumption by the consumer or this can consumed and utilized directly by the consumers themselves.

Economics Concept Introduction

Final goods: These goods are not used as raw materials for the production of other commodities during the accounting year.

(c)

To determine

Classify the goods and services as final goods and services or intermediate goods and services.

(c)

Expert Solution

Explanation of Solution

Purchase of oil filter in a new automobile is an intermediate good. It is consumed along with the automobile and oil filter cannot use alone.

Economics Concept Introduction

Intermediate goods: These goods may be used as raw materials for the production of other goods during the accounting year.

(d)

To determine

Classify the goods and services as final goods and services or intermediate goods and services.

(d)

Expert Solution

Explanation of Solution

Crude oil is an intermediate goods, because it is considered as a raw material and it cannot used alone.

Economics Concept Introduction

Intermediate goods: These goods may be used as raw materials for the production of other goods during the accounting year.

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Students have asked these similar questions

Which of the following are final goods or services, and which are intermediate goods or services? a. A Haircut purchased from a hair salon b. a new automobile c. an oil filter purchase in a new automobile d. Crude oil

Which of these will be a part of the gross domestic product? a. Income from this year’s final output b. Income of citizens from abroad c. Income from selling second hand items d. Income from illegal activities

Which of the following is added to the GDP? A. Exports B. Imports C. Net Exports D. Personal Income Tax

Answer 2

Question

Chapter 5, Problem 1SQP

(a)

To determine

Classify the goods and services as final goods and services or intermediate goods and services.

(a)

Expert Solution

Explanation of Solution

Hair cut purchased from the hair salon is a final services. The reason is, for the hire cutting, this is the final or ultimate service the consumer can available.

Economics Concept Introduction

Final goods: These goods are not used as raw materials for the production of other commodities during the accounting year.

(b)

To determine

Classify the goods and services as final goods and services or intermediate goods and services.

(b)

Expert Solution

Explanation of Solution

A new automobile is a final good and it can be go for ultimate consumption by the consumer or this can consumed and utilized directly by the consumers themselves.

Economics Concept Introduction

Final goods: These goods are not used as raw materials for the production of other commodities during the accounting year.

(c)

To determine

Classify the goods and services as final goods and services or intermediate goods and services.

(c)

Expert Solution

Explanation of Solution

Purchase of oil filter in a new automobile is an intermediate good. It is consumed along with the automobile and oil filter cannot use alone.

Economics Concept Introduction

Intermediate goods: These goods may be used as raw materials for the production of other goods during the accounting year.

(d)

To determine

Classify the goods and services as final goods and services or intermediate goods and services.

(d)

Expert Solution

Explanation of Solution

Crude oil is an intermediate goods, because it is considered as a raw material and it cannot used alone.

Economics Concept Introduction

Intermediate goods: These goods may be used as raw materials for the production of other goods during the accounting year.

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Answer 3

Question

Chapter 5, Problem 1SQP

(a)

To determine

Classify the goods and services as final goods and services or intermediate goods and services.

(a)

Expert Solution

Explanation of Solution

Hair cut purchased from the hair salon is a final services. The reason is, for the hire cutting, this is the final or ultimate service the consumer can available.

Economics Concept Introduction

Final goods: These goods are not used as raw materials for the production of other commodities during the accounting year.

(b)

To determine

Classify the goods and services as final goods and services or intermediate goods and services.

(b)

Expert Solution

Explanation of Solution

A new automobile is a final good and it can be go for ultimate consumption by the consumer or this can consumed and utilized directly by the consumers themselves.

Economics Concept Introduction

Final goods: These goods are not used as raw materials for the production of other commodities during the accounting year.

(c)

To determine

Classify the goods and services as final goods and services or intermediate goods and services.

(c)

Expert Solution

Explanation of Solution

Purchase of oil filter in a new automobile is an intermediate good. It is consumed along with the automobile and oil filter cannot use alone.

Economics Concept Introduction

Intermediate goods: These goods may be used as raw materials for the production of other goods during the accounting year.

(d)

To determine

Classify the goods and services as final goods and services or intermediate goods and services.

(d)

Expert Solution

Explanation of Solution

Crude oil is an intermediate goods, because it is considered as a raw material and it cannot used alone.

Economics Concept Introduction

Intermediate goods: These goods may be used as raw materials for the production of other goods during the accounting year.

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Answer 4

Question

Chapter 5, Problem 1SQP

(a)

To determine

Classify the goods and services as final goods and services or intermediate goods and services.

(a)

Expert Solution

Explanation of Solution

Hair cut purchased from the hair salon is a final services. The reason is, for the hire cutting, this is the final or ultimate service the consumer can available.

Economics Concept Introduction

Final goods: These goods are not used as raw materials for the production of other commodities during the accounting year.

(b)

To determine

Classify the goods and services as final goods and services or intermediate goods and services.

(b)

Expert Solution

Explanation of Solution

A new automobile is a final good and it can be go for ultimate consumption by the consumer or this can consumed and utilized directly by the consumers themselves.

Economics Concept Introduction

Final goods: These goods are not used as raw materials for the production of other commodities during the accounting year.

(c)

To determine

Classify the goods and services as final goods and services or intermediate goods and services.

(c)

Expert Solution

Explanation of Solution

Purchase of oil filter in a new automobile is an intermediate good. It is consumed along with the automobile and oil filter cannot use alone.

Economics Concept Introduction

Intermediate goods: These goods may be used as raw materials for the production of other goods during the accounting year.

(d)

To determine

Classify the goods and services as final goods and services or intermediate goods and services.

(d)

Expert Solution

Explanation of Solution

Crude oil is an intermediate goods, because it is considered as a raw material and it cannot used alone.

Economics Concept Introduction

Intermediate goods: These goods may be used as raw materials for the production of other goods during the accounting year.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 5, Problem 1SQP

(a)

To determine

Classify the goods and services as final goods and services or intermediate goods and services.

(a)

Expert Solution

Explanation of Solution

Hair cut purchased from the hair salon is a final services. The reason is, for the hire cutting, this is the final or ultimate service the consumer can available.

Economics Concept Introduction

Final goods: These goods are not used as raw materials for the production of other commodities during the accounting year.

(b)

To determine

Classify the goods and services as final goods and services or intermediate goods and services.

(b)

Expert Solution

Explanation of Solution

A new automobile is a final good and it can be go for ultimate consumption by the consumer or this can consumed and utilized directly by the consumers themselves.

Economics Concept Introduction

Final goods: These goods are not used as raw materials for the production of other commodities during the accounting year.

(c)

To determine

Classify the goods and services as final goods and services or intermediate goods and services.

(c)

Expert Solution

Explanation of Solution

Purchase of oil filter in a new automobile is an intermediate good. It is consumed along with the automobile and oil filter cannot use alone.

Economics Concept Introduction

Intermediate goods: These goods may be used as raw materials for the production of other goods during the accounting year.

(d)

To determine

Classify the goods and services as final goods and services or intermediate goods and services.

(d)

Expert Solution

Explanation of Solution

Crude oil is an intermediate goods, because it is considered as a raw material and it cannot used alone.

Economics Concept Introduction

Intermediate goods: These goods may be used as raw materials for the production of other goods during the accounting year.

Answer 6

Chapter 5, Problem 1SQP

(a)

To determine

Classify the goods and services as final goods and services or intermediate goods and services.

(a)

Expert Solution

Explanation of Solution

Hair cut purchased from the hair salon is a final services. The reason is, for the hire cutting, this is the final or ultimate service the consumer can available.

Economics Concept Introduction

Final goods: These goods are not used as raw materials for the production of other commodities during the accounting year.

Answer 7

Chapter 5, Problem 1SQP

(a)

To determine

Classify the goods and services as final goods and services or intermediate goods and services.

Answer 8

(a)

Expert Solution

Explanation of Solution

Hair cut purchased from the hair salon is a final services. The reason is, for the hire cutting, this is the final or ultimate service the consumer can available.

Answer 9

(a)

Expert Solution

Answer 10

(a)

Expert Solution

Answer 11

Expert Solution

Answer 12

Economics Concept Introduction

Final goods: These goods are not used as raw materials for the production of other commodities during the accounting year.

Answer 13

(b)

To determine

Classify the goods and services as final goods and services or intermediate goods and services.

(b)

Expert Solution

Explanation of Solution

A new automobile is a final good and it can be go for ultimate consumption by the consumer or this can consumed and utilized directly by the consumers themselves.

Economics Concept Introduction

Final goods: These goods are not used as raw materials for the production of other commodities during the accounting year.

Answer 14

(b)

To determine

Classify the goods and services as final goods and services or intermediate goods and services.

Answer 15

(b)

Expert Solution

Explanation of Solution

A new automobile is a final good and it can be go for ultimate consumption by the consumer or this can consumed and utilized directly by the consumers themselves.

Answer 16

(b)

Expert Solution

Answer 17

(b)

Expert Solution

Answer 18

Expert Solution

Answer 19

Economics Concept Introduction

Final goods: These goods are not used as raw materials for the production of other commodities during the accounting year.

Answer 20

(c)

To determine

Classify the goods and services as final goods and services or intermediate goods and services.

(c)

Expert Solution

Explanation of Solution

Purchase of oil filter in a new automobile is an intermediate good. It is consumed along with the automobile and oil filter cannot use alone.

Economics Concept Introduction

Intermediate goods: These goods may be used as raw materials for the production of other goods during the accounting year.

Answer 21

(c)

To determine

Classify the goods and services as final goods and services or intermediate goods and services.

Answer 22

(c)

Expert Solution

Explanation of Solution

Purchase of oil filter in a new automobile is an intermediate good. It is consumed along with the automobile and oil filter cannot use alone.

Answer 23

(c)

Expert Solution

Answer 24

(c)

Expert Solution

Answer 25

Expert Solution

Answer 26

Economics Concept Introduction

Intermediate goods: These goods may be used as raw materials for the production of other goods during the accounting year.

Answer 27

(d)

To determine

Classify the goods and services as final goods and services or intermediate goods and services.

(d)

Expert Solution

Explanation of Solution

Crude oil is an intermediate goods, because it is considered as a raw material and it cannot used alone.

Economics Concept Introduction

Intermediate goods: These goods may be used as raw materials for the production of other goods during the accounting year.

Answer 28

(d)

To determine

Classify the goods and services as final goods and services or intermediate goods and services.

Answer 29

(d)

Expert Solution

Explanation of Solution

Crude oil is an intermediate goods, because it is considered as a raw material and it cannot used alone.

Answer 30

(d)

Expert Solution

Answer 31

(d)

Expert Solution

Answer 32

Expert Solution

Answer 33

Economics Concept Introduction

Intermediate goods: These goods may be used as raw materials for the production of other goods during the accounting year.

Answer 34

Ch. 5.6 - Prob. 1YTE Ch. 5 - Prob. 1SQP Ch. 5 - Prob. 2SQP Ch. 5 - Prob. 3SQP Ch. 5 - Prob. 4SQP Ch. 5 - Prob. 5SQP Ch. 5 - Prob. 6SQP Ch. 5 - Prob. 7SQP Ch. 5 - Prob. 8SQP Ch. 5 - Prob. 9SQP

Classify the goods and services as final goods and services or intermediate goods and services.

Classify the goods and services as final goods and services or intermediate goods and services.

Explanation of Solution

Classify the goods and services as final goods and services or intermediate goods and services.

Explanation of Solution

Classify the goods and services as final goods and services or intermediate goods and services.

Explanation of Solution

Classify the goods and services as final goods and services or intermediate goods and services.

Explanation of Solution

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Chapter 5 Solutions