GDP Excludes the Value of Intermediate Goods Because Their Value

question 33

True/False

GDP excludes the value of intermediate goods because their value is included in the value of final goods.

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Definitions:

Ironing

the process of using a heated tool (iron) to remove wrinkles from fabric, typically garments, enhancing their appearance.

Suppliers

Individuals or businesses that provide goods or services to consumers, businesses, or other organizations.

Households

Units of residence in an economy that include all individuals who live together and make joint economic decisions.

Goods And Services

The output produced by economic activities, encompassing tangible products (goods) and intangible items (services).