In GDP Accounting, the Value of the Total Final Output

question 10

Multiple Choice

In GDP accounting, the value of the total final output in a given period equals the value of the:

• A) total income generated by the production of final goods and services in that period.
• B) net revenue earned from the sales of intermediate goods and services during that period.
• C) total profit earned by firms involved in the production of the output during that period.
• D) total inputs used in the production of the final output in that period.

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Definitions:

Productive

The efficiency and effectiveness with which input resources (like time, labor, and materials) are transformed into outputs (goods or services) that generate value.

Rankings/Comparisons Performance

The assessment of an individual's or organization's performance relative to others based on specific criteria or standards.

Absolute Distance

A measure of the physical space between two points, often determined by a standard unit of length.

Behaviorally Anchored Rating Scales (BARS)

A performance appraisal method that rates behavior in terms of a scale showing specific examples of employee actions that represent various levels of performance.