How Does GDP Account for Something That Was Produced for Sale

question 138

Multiple Choice

How does GDP account for something that was produced for sale in one year and sold in the next year?

• A)It is counted in the first year and anything that happens latter does not count.
• B)It is counted in the second year.
• C)It is counted as an addition to inventory (which is in business investment)in the year it. was produced and the markup is counted in the year in which it is sold.
• D)It is counted twice.

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Definitions:

Average Fixed Cost

Fixed cost divided by output.

Variable Costs

Expenses that change in proportion to the activity of a business.

Fixed Costs

Expenses that do not change with the level of output or sales in the short term.

Marginal Cost Curve

Graphical representation showing how the cost to produce one more unit changes as production increases, typically U-shaped due to economies and diseconomies of scale.