The Value of a Product Minus the Costs of Raw

question 41

Multiple Choice

The value of a product minus the costs of raw materials and energy is

• A) gross domestic product.
• B) productivity.
• C) tertiary sector analysis.
• D) market value.
• E) value added.

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Definitions:

Widely Used

A term denoting something that is utilized by a large number of people or entities across various contexts.

Real Gross Domestic Product

A measure adjusted for inflation that shows the value of all products and services produced within an economy in a specific year.

Nominal Gross Domestic Product

The market value of all final goods and services produced within a country in a year, measured using current prices without adjustment for inflation.

Price Level

The average of current prices across the entire spectrum of goods and services produced in the economy, a measure of inflation or deflation.