In GDP Accounting, the Value of the Total Final Output

question 10

Multiple Choice

In GDP accounting, the value of the total final output in a given period equals the value of the:

• A) total income generated by the production of final goods and services in that period.
• B) net revenue earned from the sales of intermediate goods and services during that period.
• C) total profit earned by firms involved in the production of the output during that period.
• D) total inputs used in the production of the final output in that period.

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Definitions:

Discontinuation Rates

The rate at which products or services are discontinued or taken out of production or availability.

Mandatory Indirect Pay

Required compensation benefits provided by employers, such as social security contributions and unemployment insurance, that are not part of direct wages.

Medical Coverage

An insurance benefit that covers the cost of an individual's healthcare needs, usually provided by employers or purchased individually.

Workers' Compensation

Insurance that provides financial benefits and medical care to employees who are injured or become ill as a direct result of their job.