The total volume of business sales in an economy is much larger than the value of GDP because
A) GDP understates the value of total output.
B) the output approach to measuring GDP excludes intermediate transactions.
C) GDP includes transfer payments.
D) business sales includes sales to foreign countries but GDP excludes sale of output to foreign countries.
Correct Answer:
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Q48: Value added is defined as
A)the value of
Q49: A nation records a trade surplus when
A)net
Q50: Which of the following is an example
Q52: The largest expenditure category in GDP is
A)government
Q54: Which of the following would not be
Q55: Which of the following would not be
Q55: Goods and services produced in the domestic
Q56: The amount by which the value of
Q57: Goods and services produced abroad and sold
Q58: Which of the following items would be
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