Tom Atoe Grows Fruits and Vegetables for Home Consumption

question 18

Multiple Choice

Tom Atoe grows fruits and vegetables for home consumption. This activity is

• A) excluded from GDP in order to avoid double counting.
• B) excluded from GDP because an intermediate good is involved.
• C) productive but is excluded from GDP because no market transaction occurs.
• D) included in GDP because it reflects production.

Recognize the influence of genetic and cultural factors on personality traits across different populations.

Understand the role and function of theories in the scientific process.

Comprehend the nature and purpose of hypotheses in scientific research.

Recognize the scientific approach to understanding human behavior and its assumptions.

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Definitions:

Operating Expenses

Expenses incurred in the normal operation of a business, excluding the cost of goods sold.

Net Sales

This is the amount of sales generated by a company after deducting returns, allowances for damaged or missing goods, and any discounts allowed.

Gross Profit

The difference between revenue and the cost of goods sold before accounting for certain other costs.

Net Sales

The revenue from sales after deducting returned goods, allowances for damaged or missing goods, and any discounts allowed.