The sum of the value added at all stages of production for a product is
A. the product's final price.
B. the sum of all the transactions in the production of the product.
C. the product's price minus the value of intermediate goods.
D. the product's price plus the value of intermediate goods.
Answer: A
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A difference between a quota and a tariff is that
A) a tariff generates a higher price than does a quota. B) a tariff generates a greater reduction in exports than does a quota. C) a quota increases profits of domestic producers more than does a tariff. D) the government collects revenue from a tariff but does not collect revenue from a quota.
National income is equal to
A) GDP minus depreciation. B) GNP plus depreciation. C) disposable personal income plus depreciation plus personal taxes. D) personal income minus personal taxes.