Identify the hair cut purchased from the hair salon is a final goods and services or intermediate goods and services.

Question

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Answer 1

Question

Chapter 15, Problem 1SQP

(a)

To determine

Identify the hair cut purchased from the hair salon is a 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

Identify a new automobile is a 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.

(c)

To determine

Identify an oil filter purchased in a new automobile is a 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

Identify crude oil is a 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.

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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 15, Problem 1SQP

(a)

To determine

Identify the hair cut purchased from the hair salon is a 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

Identify a new automobile is a 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.

(c)

To determine

Identify an oil filter purchased in a new automobile is a 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

Identify crude oil is a 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.

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Answer 3

Question

Chapter 15, Problem 1SQP

(a)

To determine

Identify the hair cut purchased from the hair salon is a 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

Identify a new automobile is a 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.

(c)

To determine

Identify an oil filter purchased in a new automobile is a 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

Identify crude oil is a 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.

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Answer 4

Question

Chapter 15, Problem 1SQP

(a)

To determine

Identify the hair cut purchased from the hair salon is a 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

Identify a new automobile is a 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.

(c)

To determine

Identify an oil filter purchased in a new automobile is a 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

Identify crude oil is a 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.

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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 15, Problem 1SQP

(a)

To determine

Identify the hair cut purchased from the hair salon is a 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

Identify a new automobile is a 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.

(c)

To determine

Identify an oil filter purchased in a new automobile is a 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

Identify crude oil is a 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.

Answer 6

Chapter 15, Problem 1SQP

(a)

To determine

Identify the hair cut purchased from the hair salon is a 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 15, Problem 1SQP

(a)

To determine

Identify the hair cut purchased from the hair salon is a 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

Identify a new automobile is a 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.

Answer 14

(b)

To determine

Identify a new automobile is a 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

(c)

To determine

Identify an oil filter purchased in a new automobile is a 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 20

(c)

To determine

Identify an oil filter purchased in a new automobile is a final goods and services or intermediate goods and services.

Answer 21

(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 22

(c)

Expert Solution

Answer 23

(c)

Expert Solution

Answer 24

Expert Solution

Answer 25

Economics Concept Introduction

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

Answer 26

(d)

To determine

Identify crude oil is a 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.

Answer 27

(d)

To determine

Identify crude oil is a final goods and services or intermediate goods and services.

Answer 28

(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 29

(d)

Expert Solution

Answer 30

(d)

Expert Solution

Answer 31

Expert Solution

Answer 32

Ch. 15.6 - Prob. 1YTE Ch. 15 - Prob. 1SQP Ch. 15 - Prob. 2SQP Ch. 15 - Prob. 3SQP Ch. 15 - Prob. 4SQP Ch. 15 - Prob. 5SQP Ch. 15 - Prob. 6SQP Ch. 15 - Prob. 7SQP Ch. 15 - Prob. 8SQP Ch. 15 - Prob. 9SQP

Identify the hair cut purchased from the hair salon is a final goods and services or intermediate goods and services.

Identify the hair cut purchased from the hair salon is a final goods and services or intermediate goods and services.

Explanation of Solution

Identify a new automobile is a final goods and services or intermediate goods and services.

Explanation of Solution

Identify an oil filter purchased in a new automobile is a final goods and services or intermediate goods and services.

Explanation of Solution

Identify crude oil is a final goods and services or intermediate goods and services.

Explanation of Solution

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Chapter 15 Solutions