A firm's value added is
a. the revenue it receives by selling its output
b. usually not included in GDP
c. the revenue it receives for its output, minus the cost of all the intermediate goods it buys
d. the revenue it receives for its output, plus the cost of all the intermediate goods it buys
e. the revenue it receives for its output, minus the taxes that it pays
C
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Which of the following is an example of an investment, as described in Chapter 12 of your textbook?
A) The government builds a dam to have a source of hydroelectric power. B) A student attends college. C) A firm builds a new plant. D) all of the above
On the Micronesian island of Yap, it is easier to make purchases with stone wheel currency than it is to make purchases with paper currency including the U.S. dollar
a. True b. False Indicate whether the statement is true or false