If the Statistical Discrepancy Is Zero,in Order to Calculate GDP

question 100

Multiple Choice

If the statistical discrepancy is zero,in order to calculate GDP from the value of net domestic product at factor cost,we must add

• A)the value of intermediate goods and subtract the value of imports.
• B)direct taxes,subtract corporate profit,and add investment.
• C)indirect taxes,subtract subsidies,and add depreciation.
• D)subsidies,subtract indirect taxes and depreciation.
• E)indirect taxes,subsidies,and depreciation.

Distinguish between different types of warranties and their coverages.

Recognize the phases of the consumer buying process.

Evaluate personal opportunity costs in consumer purchases.

Know the legal resources available to consumers including small claims court and class-action suits.

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Definitions:

Personal Satisfaction

A contractual condition requiring an obligation to be performed to the personal satisfaction of one of the parties involved, subject to reasonable criteria.

Intercontinental Ballistic Missile

A guided ballistic missile with a minimum range of more than 5,500 kilometers, primarily designed for nuclear weapons delivery.

Substantial Performance

A legal concept that indicates a party has fulfilled enough of its contractual obligations to warrant payment or consideration, even if minor details remain uncompleted.

Promise to Build a House

An agreement, typically formal and legally binding, where one party commits to constructing a residential dwelling for another.