Mistakenly Adding the Value of a Good or Service Twice

question 75

Multiple Choice

Mistakenly adding the value of a good or service twice by counting the intermediate goods and services in GDP is known as:

• A)​value added.
• B)​double counting.
• C)​factor payments.
• D)​net depreciation.

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Definitions:

Mass Production

The manufacturing of large quantities of standardized products, often using assembly line techniques.

Unit Production

A manufacturing method focused on the production of individual units or small batches of products, allowing for customization or high precision.

Hand Assembly

The process of putting together components primarily using manual labor and hand tools.

Extension Lines

Lines in technical drawing that extend from the object to the dimension line, indicating the boundaries of a dimension.