Value added is defined as
A) the value of productivity gains that arise when a firm increases its capital-labor ratio.
B) the difference between the value of all resources used to produce a product and the final selling price of that product.
C) the amount by which the value of a firm's output exceeds the value of the goods and services the firm purchases from other firms.
D) the cost savings that a firm enjoys when it reduces the cost of its resources by employing a more efficient production method.
Correct Answer:
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Q43: GDP is defined as the
A)total value of
Q44: The purchases of U.S.products by citizens of
Q46: If exports are less than imports,
A)net imports
Q47: Social Security payments to U.S.citizens are called
A)transfer
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
Q53: The total volume of business sales in
Q54: A country's exports minus its imports measures:
A)
Q57: Goods and services produced abroad and sold
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