The total volume of business sales in our economy is several times larger than GDP because:
A) The GDP does not take taxes into account
B) The GDP excludes intermediate transactions
C) The GDP grossly understates the value of our annual output
D) Total sales are in money terms and GDP is always stated in real terms
Correct Answer:
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Q2: A business buys $5,000 worth of inputs
Q3: Adding the market value of all final
Q4: To avoid multiple counting in national income
Q5: The gross domestic product (GDP) concept accounts
Q6: GDP is the market value of:
A) Resources
Q7: Which of the following is a private
Q8: An example of intermediate goods would be:
A)
Q9: All of the following are examples of
Q10: Value added by a firm is the
Q11: Consider the following data for a firm
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