In Calculating Gross Domestic Product, Statistics Canada Uses the Sum

question 140

Multiple Choice

In calculating gross domestic product, Statistics Canada uses the sum of the market value of final goods and services produced.This means that Statistics Canada

• A)simply counts the total number of goods produced in the market place and then adds them up.
• B)values goods at their market prices, multiplies them by the quantity produced, and then adds them up.
• C)simply counts the total number of goods and services produced in the marketplace and then adds them up.
• D)values goods and services at their market prices, multiplies them by the quantity produced, and then adds them up.
• E)values goods based on surveys of Canadian people, in which they're asked to value different products, multiplies the resulting values by the quantities produced and then adds them up.

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Definitions:

Extraordinary Gains

Profits from events or transactions that are both unusual in nature and infrequent in occurrence, though this distinction has been eliminated in current accounting practices.

Pretax Loss

The loss a company incurs before taxes are deducted.

Pretax Gain

The profit a company has made before any taxes have been applied.

Tax Rate

The rate at which income is taxed for a person or a business entity.