When Adding Up the Value of All Goods Produced in the Economy,double

question 8

Multiple Choice

When adding up the value of all goods produced in the economy,double counting can be avoided if only the ________ is included.

• A)value of final good and services
• B)value of intermediate goods and services
• C)cost of intermediate goods and services
• D)revenue of all goods and services
• E)revenue of intermediate goods and services

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Definitions:

Tariff

A tax imposed by a government on imported goods or services to protect domestic industries or generate revenue.

Infant Industry

A new or emerging industry that may be protected by the government from international competition to allow it to grow.

Technological Efficiency

A measure of the effectiveness with which a technology converts inputs into outputs, often seen as achieving the maximum productivity with the least waste.

Silicon Chip

A small piece of silicon that contains integrated circuits used in electronic devices for processing or storage.