Value added is the
A. Increase in market value of a product that takes place at each stage of the production process.
B. Impact on third parties caused by market activities.
C. Difference between nominal GDP and real GDP.
D. Addition to GDP because nonmarket activities are captured.
Answer: A
You might also like to view...
Refer to the figure above. What is the domestic demand for pens in Lithasia, after the economy opens up to free trade?
A) 6 units B) 12 units C) 16 units D) 22 units
We see permanent price differentials in land because
a. the demand for land is high b. land has few uses c. location is the inherent quality that often determines its value d. real estate brokers are inefficient e. land is not traded in free markets
The one thing that all less-developed countries have in common over the past 25 years is virtually zero or negative economic growth
Indicate whether the statement is true or false
GDP includes the value of leisure, and leisure is estimated based on the worker's foregone hourly earnings (opportunity cost) from their tax returns and/or completed census survey forms
Indicate whether the statement is true or false