GDP Is Calculated by The

question 143

Multiple Choice

GDP is calculated by the:

• A) Council of Economic Advisors.
• B) Federal Reserve Board.
• C) Bureau of Economic Analysis.
• D) U.S.Treasury.

---

Definitions:

Inventory Costing Method

A system used to assign costs to inventory and determine the cost of goods sold, examples include FIFO, LIFO, and weighted average.

Declining Prices

A market condition where the prices of goods or services decrease over time, often indicating a surplus or decreased demand.

Net Income

The net income of a business, which is obtained by deducting all costs and taxes from its total revenue.

Physical Count

The actual tallying of inventory goods a company has on hand to verify stock levels and assess the need for adjustment in accounting records.