Which of the Following Would Be Included in GDP for the United

question 185

Multiple Choice

Which of the following would be included in GDP for the United States?

• A) Toyota,a Japanese car company,producing cars in the United States
• B) a U.S.professor taking a year off to teach at the London School of Economics
• C) a tire manufacturer making and selling tires to Ford to be used in their new cars
• D) Jane's purchase of a used car after her old car is destroyed in an accident

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Definitions:

Ending Inventory

The cumulative worth of merchandise available for purchase at the conclusion of a financial period.

FIFO Method

"First-In, First-Out", an inventory valuation method where goods first added to inventory are the first ones considered sold.

Ending Inventory

The total value of goods available for sale at the end of an accounting period.

Income Statement

A financial statement that shows a company's revenues, expenses, and profit or loss over a specific period.