Double Counting in the Value Added Approach to GDP Statistics

question 115

Multiple Choice

Double counting in the value added approach to GDP statistics is avoided by

• A)correct accounting of the values of exports and imports
• B)choosing only one method to calculate GDP--either the income or the expenditures method
• C)counting only the value added at each stage of a good's production process
• D)counting the value of final and intermediate goods and services
• E)subtracting the total value of intermediate goods and services from the total value of final goods and services

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Definitions:

Occipital Lobe

The region of the brain located at the back of the cerebral cortex, responsible for processing visual information.

"Sees Stars"

A colloquial term describing the visual sensation of seeing spots of light, often experienced after a sudden impact to the head or eye movement.

Brain

An organ of the central nervous system in vertebrates, housed in the skull, responsible for coordinating sensation, intellectual, and nervous activity.

Temporal

Temporal refers to anything related to time, whether it pertains to its measurement, its passage, or its characteristics within contexts.