Which of the Following Helps Economists Avoid Double Counting in Computing

question 16

Multiple Choice

Which of the following helps economists avoid double counting in computing of GDP?

• A)Including goods and services produced only within a given area.
• B)Only include transfer payments made by the government and not individuals.
• C)Only include capital purchases by corporations and not by family-owned firms.
• D)Avoiding the use of intermediate goods in calculating GDP.

Understand the importance of establishing an emergency fund and its role in personal finance.

Familiarize with the effects of economic factors and market conditions on investment strategies and decisions.

Understand the definition and importance of productivity in operations management.

Recognize the essential skills for career success in operations management, including self-management.

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Definitions:

Employee Time Ticket

A document or electronic record used to track the number of hours worked by an employee, particularly for billing or payroll purposes.

Job Cost Sheets

Documents used to record and track expenses for specific jobs under the job-order costing method.

Direct Material

Raw materials that are directly traceable to the manufacturing of a specific product and constitute a significant portion of the product's costs.

Manufacturing Overhead

Indirect production costs that are not directly tied to the production of goods, such as maintenance and utilities.