In calculating gross domestic product, the Bureau of Economic Analysis uses the sum of the market value of final goods and services produced. This means that the BEA
A) values goods at their market prices, multiplies them by the quantity produced, and then adds them up.
B) values goods and services at their market prices, multiplies them by the quantity produced, and then adds them up.
C) simply counts the total number of goods and services produced in the marketplace and then adds them up.
D) simply counts the total number of goods produced in the market place and then adds them up.
B
You might also like to view...
Most economic graphs have two lines perpendicular to each other. Where these lines meet is called the
A) origin. B) y-axis. C) x-axis. D) variable. E) point of beginning.
A demand curve shows the relationship between
a. price and quantity demanded b. the demand and supply schedules c. demand and supply equilibrium d. leakages and injections e. price and technology
If a sandwich shop produces zero sandwiches, which of the following costs will it still incur?
A. Rented storefront B. Sandwich ingredients C. Employee's wages D. None of these costs will be incurred if they no longer make sandwiches.
Perpetuity
What will be an ideal response?