In Calculating GDP,economists Use the Value of Final Goods and Services

question 121

Multiple Choice

In calculating GDP,economists use the value of final goods and services because

• A)by using final goods and services, they avoid double counting.
• B)final goods can be exported to other countries.
• C)intermediate goods are imported from other countries.
• D)GDP is underestimated if intermediate goods are used instead.
• E)none of the above.

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Definitions:

Core Competency

A central skill or advantage that a business can leverage to distinguish itself from competitors and succeed in its market.

Competitive Standing

A company's position relative to its competitors, measured by factors such as market share, product quality, and brand strength.

Labor Shortage

Occurs when there are not enough workers to fill the available job positions, often leading to increased wages to attract talent.

Technological Innovation

The introduction of new technologies or the improvement of existing technologies to create more effective processes, products, or ideas.