Because Service Firms Do Not Inventory Their Output, a Chase

question 122

True/False

Because service firms do not inventory their output, a chase strategy is not appropriate.

Recognize the factors and activities that are included or excluded in the calculation of GDP.

Analyze the impact of changes in GDP and the GDP deflator on economic well-being.

Understand the role of transfer payments and government spending in national economic accounts.

Distinguish between intermediate goods and final goods in the context of GDP calculation.