GDP Excludes Most Items That Are Produced and Sold Illegally

question 91

Multiple Choice

GDP excludes most items that are produced and sold illegally and most items that are produced and consumed at home because

• A)the quality of these items is not high enough to contribute value to GDP.
• B)measuring them is so difficult.
• C)the government wants to discourage the production and consumption of these items.
• D)these items are not reported on income tax forms.

Recognize the relationship between consumer motivation, information processing, and involvement.

Describe various factors (person, situation, etc.) that create or enhance consumer involvement.

Understand the methodology and importance of sentiment analysis in evaluating consumer attitudes.

Explain the impact of emotions and arousal on consumer decision-making.

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Definitions:

Specialization And Trade

A principle whereby individuals, firms, or countries produce a limited range of goods with higher efficiency and trade for other goods they are less efficient at producing.

International Trade

The exchange of goods and services between countries, driven by comparative advantages.

Exports And Imports

The transactions in goods and services where exports refer to selling domestically produced goods or services abroad, and imports are those bought from foreign producers.

Diverse Quantity

A variety in the amount or number of items or elements in a set.