The Value-Added Approach of Calculating GDP

question 136

Multiple Choice

The value-added approach of calculating GDP:

• A) is an alternative, and equally valid, way of avoiding the problem of double-counting.
• B) lets us break down the total value paid and see how much of it was created at each step of the production process.
• C) is especially useful when thinking about services involved in the resale of existing goods.
• D) All of these are correct.

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Definitions:

Discipline

Action that develops self-control, efficiency, and orderly conduct; regulation, training, and enforcement. Discipline problems include permissiveness, rigidity, and inconsistency. Elements of effective discipline include defined roles and responsibilities, clear rules and guidelines, and methods for taking corrective action.

Importance of Ethics

The significance of moral principles in guiding behaviour and decision-making.

Leadership Success

The achievement of desired outcomes and objectives through effective leadership practices and the positive influence on followers.

Character of Leader

The combination of traits and qualities defining the moral and ethical stance of a leader.