Measuring Total Production by Valuing Items at Their Market Value

question 127

Multiple Choice

Measuring total production by valuing items at their market value allows us to

• A)separate the value of different goods with identical prices.
• B)separate the value of different goods with different prices.
• C)add together the value of different goods that have different prices.
• D)add together the value of identical goods that have identical prices.
• E)ignore the problem that goods and services differ in how long they last.

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Definitions:

Simultaneously

Occurring, operating, or done at the same time.

Centration

A cognitive development term referring to the tendency of children in the preoperational stage to focus on one aspect of a situation while neglecting others.

Piagetian Error

Mistakes made by children that reflect their stage of cognitive development, according to the theories of Jean Piaget; for example, misunderstanding conservation of quantity.

Object Permanence

The understanding that objects continue to exist even when they cannot be observed.