Intermediate Goods and Services Are

question 56

Multiple Choice

Intermediate goods and services are:

• A) used only as inputs to produce something else and are not counted as separate items in GDP.
• B) goods that consumers buy in parts-like a new tire for their car-and are included as separate items in GDP.
• C) used only as inputs to produce something else and are counted as separate itemsin GDP.
• D) goods that consumers buy in parts-like a new tire for their car-and are not included as separate items in GDP.

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Definitions:

Validity

The extent to which a concept, conclusion, or measurement is well-founded and likely corresponds accurately to the real world.

Tacit Knowledge

Knowledge gained from personal experience that is difficult to express verbally and to formally document.

Practical Know-how

The skill or knowledge required to perform tasks or solve problems in real-world, practical situations.

Lexical Decision Tasks

A psychological experiment where participants classify visual stimuli as words or non-words quickly and accurately.