When the Production Process Extends Over More Than One Year

question 42

Multiple Choice

When the production process extends over more than one year, the value of the final product is:

• A)included in GDP for the year in which production began.
• B)included in GDP for the year in which production was completed.
• C)allocated to GDP in each year according to the value added in that year.
• D)allocated equally to GDP in each year.

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Definitions:

Jean Piaget

A Swiss psychologist renowned for his pioneering work on the cognitive development of children, proposing a series of developmental stages.

Fixation

In psychology, a persistent focus of the id’s pleasure-seeking energies at an earlier stage of psychosexual development in which conflicts were unresolved.

Psychosocial Theory

A framework for understanding human development across the lifespan proposed by Erik Erikson, emphasizing the impact of social experiences.

Erik Erikson

A psychologist known for his theory on the psychosocial development of human beings, outlining eight stages from infancy to adulthood.