Inventory investment can be defined as
A. the value of monetary transactions by businesses.
B. goods that must be excluded from the GDP to avoid double counting.
C. the system of accounts that is used to count certain goods.
D. changes in the stocks of finished goods and raw materials.
Answer: D
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Efficiency wages paid to workers:
A) equal the lowest pay that workers would accept. B) are wages above the lowest pay that workers would accept. C) equal the marginal revenue product of the workers. D) are wages adjusted for changes in the price level.
Scarcity can best be defined as a situation in which:
A. there are no buyers willing to purchase what sellers have produced. B. there are not enough goods to satisfy all of the buyers' demand. C. the resources we use to produce goods and services are limited. D. there is more than enough money to satisfy consumers' wants.