Which of the Following Items Is Included in U

question 77

Multiple Choice

Which of the following items is included in U.S.GDP?

• A)the estimated value of production accomplished at home,such as backyard production of fruits and vegetables
• B)the value of illegally-produced goods and services
• C)the value of cars and trucks produced in foreign countries and sold in the U.S.
• D)None of the above is included in U.S.GDP.

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Definitions:

Costing Method

a technique or methodology used to determine the cost associated with a production process or project.

LCM Approach

The Lower of Cost or Market method, an accounting principle requiring inventory to be recorded at either its historical cost or market value, whichever is lower, to reflect potential losses.

Market Value

An estimation of the price at which an asset or company could be bought or sold in a current market.

IFRS

International Financial Reporting Standards represent worldwide accounting norms that facilitate the creation of financial statements.