In Calculating GDP, Economists Use the Value of Final Goods

question 121

Multiple Choice

In calculating GDP, economists use the value of final goods and services because

• A)GDP is underestimated if intermediate goods are used instead.
• B)intermediate goods are imported from other countries.
• C)final goods can be exported to other countries.
• D)final goods and services do not depreciate.
• E)by using final goods and services, they avoid double counting.

Understand the concepts of mutational hot spots and their implications for genetic mutations and disease.

Understand the basic terminology and definitions used in engineering drawings.

Identify standard abbreviations and acronyms related to mechanical engineering and their meanings.

Recognize the purpose and importance of a bill of materials in engineering drawings.

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Definitions:

Average Total Cost

The total cost per unit of output, calculated by dividing the total cost of production by the total quantity produced.

Average Variable Cost

The variable cost (e.g., labor, materials) per unit of output, calculated by dividing total variable costs by the number of units produced.

Average Total Cost Curve

A graphical representation showing how the cost per unit of producing a good changes with the level of output.

Marginal Cost

The increase in cost that arises from producing one additional unit of a product or service.