Economics: Principles and Policy (MindTap Course List)
Economics: Principles and Policy (MindTap Course List)
13th Edition
ISBN: 9781305280595
Author: William J. Baumol, Alan S. Blinder
Publisher: Cengage Learning
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Chapter 25.A, Problem 1DQ
To determine

The difference between final goods and intermediate goods and the usefulness of the value-added method.

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explain the difference between intermediate goods and final goods and give an example of each.
How to classify goods as consumption goods and capital goods? Is there any specific way to do so?
For each of the following products state if it is a final or intermediate good and explain why? A brick, a cell phone, and a barrel of crude oil.
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