In calculating gross domestic product, the Bureau of Economic Analysis uses the sum of the market value of final goods and services produced. This means that the BEA
A) values goods at their market prices, multiplies them by the quantity produced, and then adds them up.
B) values goods and services at their market prices, multiplies them by the quantity produced, and then adds them up.
C) simply counts the total number of goods and services produced in the marketplace and then adds them up.
D) simply counts the total number of goods produced in the market place and then adds them up.
B
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The figure above shows a labor market. If there is a monopsony in this labor market, the monopsony pays a wage rate
A) greater than the value of marginal product of labor. B) equal to the value of marginal product of labor. C) less than the value of marginal product of labor. D) equal to the average revenue product of labor.
Because the marginal tax rate rises as income rises,
a. higher income families, in general, pay a larger percentage of their income in taxes. b. lower income families, in general, pay a larger percentage of their income in taxes. c. a disproportionately large share of the tax burden falls upon the poor. d. higher income families pay the same percentage of their income in taxes as lower-income families.