Consider the Following Data, Which Shows the Quantities and Prices

question 27

Multiple Choice

Consider the following data, which shows the quantities and prices of two goods produced in the economy, to answer the next three questions:

-To avoid double-counting when calculating GDP,it is best to:

• A) count the value of goods and services produced at every stage of production.
• B) count the value added at each stage of production.
• C) count used goods.
• D) count stocks and bonds.
• E) count all goods and services purchased by consumers, firms, and the government.

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Definitions:

Commitment

The state or quality of being dedicated to a cause, activity, or job; wholehearted devotion.

Representative Workforce

An employee base that reflects the diversity of the demographic composition of the society it operates in.

Demographic Composition

The statistical characteristics of a population, including aspects such as age, race, gender, and income levels.

Employment Equity Program

A policy aimed at eliminating discrimination and promoting equal opportunity for all job applicants and employees in the workplace.