Which of These Goods Is a Final Good That Would

question 177

Multiple Choice

Which of these goods is a final good that would be counted in GDP in the year it is produced?

• A) tomatoes used by an Italian restaurant
• B) wood used for making furniture
• C) an oven for installation in a bakery
• D) a computer chip used in a laptop computer

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Definitions:

Purchase Cycle

The sequence of stages that customers go through from recognizing a need, considering a purchase, making the purchase, and post-purchase behavior.

Value Added

The enhancement a company gives its product or service before offering the product to customers, increasing its value.

Expectancy Disconfirmation Model

A consumer satisfaction framework that compares actual product or service performance against pre-consumption expectations.

Expectancy Confirmation Model

A psychological theory suggesting that people tend to seek, interpret, favor, and recall information that confirms their pre-existing beliefs and expectations.