Conceptually, a country's GDP equals the:
A. difference between the value of its final output and the value of the intermediate goods used to produce that output.
B. sum of the value added at all stages of production.
C. sum of the value of its final output and the value of the intermediate goods used to produce that output.
D. sum of the value of all the intermediate goods used to produce final output.
Answer: B
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If an oligopolistic manufacturer believes that he faces a kinked demand curve for his product, he thinks his competitors will ______ if he lowers his price and ____ if he raises his price.
A. lower their prices; raise their prices B. lower their prices; not raise their prices C. not lower their prices; raise their prices D. not lower their prices; not raise their prices
If the price of inputs rises when a nation is in the intermediate range:
a. Real GDP rises and average price level falls. b. Real GDP falls and average price level rises. c. Real GDP rises and real GDP remains the same. d. Real GDP remains the same and average price level falls. e. Real GDP remains the same and average price level rises.
Preferred Budgets ($ in millions)45678910Number of voters (in thousands)516253022193Table 15.3Table 15.3 shows the preferred budget for a new performance center and the number of voters in a community who prefer that budget. Suppose that Dawn initially proposed $5 million while Terry proposed $9 million. Given the distribution of voters' preferences, Terry can increase her chance of being elected by proposing:
A. a greater budget than $9 million. B. a smaller budget than $5 million. C. a smaller budget toward the median budget. D. None of these
Input productivity refers to the amount of output produced per unit of the input.
Answer the following statement true (T) or false (F)