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

question 82

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:

Sum

A mathematical process of adding numbers together to get their total amount.

Infinite Series

A series that continues indefinitely, represented by an infinite sum of terms.

Depreciates

The process of an asset losing value over time due to use, wear and tear, or obsolescence.

Depreciated Value

The reduced worth of an asset over time due to wear and tear or obsolescence.