Double Counting in the Resource Cost-Income Approach to GDP Statistics

question 166

Multiple Choice

Double counting in the resource cost-income approach to GDP statistics is avoided by

• A) correct accounting of the values of exports and imports
• B) choosing only one method to calculate GDP--either the income or the expenditures method
• C) counting only the value added at each stage of a good's production process
• D) counting the value of final and intermediate goods and services
• E) subtracting the total value of intermediate goods and services from the total value of final goods and services

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Definitions:

Lateral Competition

Competition between companies that offer the same or similar goods or services within the same industry.

Sociocultural

The combination of social and cultural factors that affect individual development.

Demographic

Statistical data relating to the population and the particular groups within it, used in marketing, planning, and social studies.

Technological

Relating to or involving technology, especially in the context of new developments.