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State whether the following statements a...

State whether the following statements are true of false. Give reasons for your answer : .
(a) Bread is always a consumer good.
(b) Butter is only a final product.

Text Solution

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(a) True. Capital formation is measured over a period of time.
(b) False. It depends on the use of bread. When it is purchased by a household, it is a consumer good. If it is purchased by hotel, it is a producer (intermediate) good.
(c) False. It depends on the end use of butter. If it is purchased by a baker cakes, then it is an intermediate good.
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