Why do we not count the value of intermediate goods and services in gross domestic product? Does the value of intermediate goods and services show up in gross domestic product? If so, how?
What will be an ideal response?
We would double count if we counted directly the value of intermediate goods and services, because their value shows up in the value of the final goods and services in which they are a part.
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Which of the following factors helps explain limitations of concentration measures?
A) data collection challenges B) failure of the market and industry to correspond C) poor public information about firms D) lack of staff to perform professional market research
An example of an excludable good or service is a:
A. movie in a theater. B. city park. C. rainbow. D. levee system.
An increase in both equilibrium price and quantity is a consequence of a(n): a. increase in supply
b. increase in demand. c. decrease in demand d. decrease in supply
A decrease in the price of a complement will shift the demand curve for a good to the left
a. True b. False Indicate whether the statement is true or false