The Value-Added Approach Measures The

question 37

Multiple Choice

The value-added approach measures the:

• A) profit a firm earns selling a new product.
• B) utility a consumer gets from a good or service.
• C) difference between the sale value of a product and the value of the inputs that went into making it.
• D) difference between the sale value of a product in one country and the sale value of the same product in another country.

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Definitions:

Detailed Specifications

Precise and comprehensive descriptions of the requirements for materials, products, or services.

Patent

A government-granted exclusive right for an inventor to make, use, and sell an invention for a certain period of time.

Novel Appearance

A unique or new look, design, or aesthetic quality that distinguishes an object or entity from others.

Registered Design

A legal protection for the aesthetic design or appearance of a product, recorded and recognized by official government bodies.