Consider the Following Data, Which Shows the Quantities and Prices

question 27

Multiple Choice

Consider the following data, which shows the quantities and prices of two goods produced in the economy, to answer the next three questions:

-To avoid double-counting when calculating GDP,it is best to:

• A) count the value of goods and services produced at every stage of production.
• B) count the value added at each stage of production.
• C) count used goods.
• D) count stocks and bonds.
• E) count all goods and services purchased by consumers, firms, and the government.

Understand the importance and methods of valid selection processes.

Recognize the importance of providing realistic job previews to candidates.

Understand the comprehensive steps involved in recruitment and selection processes.

Understand the purpose and function of performance appraisals and their role in organizational effectiveness.

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Definitions:

Variable Costs

Costs that change in proportion to the level of production or sales, such as raw materials and direct labor.

Activity Level

A measurement of the volume of production or the quantity of services provided.

Activity Bases

Measures that assign costs to cost objects based on their use of activities; used in activity-based costing.

Mixed Cost

A cost consisting of both fixed and variable components and changes in response to variations in production or sales levels.