Question: Define GDP and distinguish between a final good and an intermediate good. Provide examples.

Define GDP and distinguish between a final good and an intermediate good. Provide examples.

Step by Step Solution

★★★★★

3.29 Rating (175 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

GDP is the market value of all the final goods and services produced within a country in ... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Document Format (1 attachment)

Word file Icon

698-B-E-M-E (4922).docx

120 KBs Word File

Students Have Also Explored These Related Economics Questions!

Q:

Explain and distinguish between a transaction, an event, and an arrangement.

Q:

Explain why job analysis is needed, and distinguish between a job description and job specifications.

Q:

Define the term reinforcement and distinguish between a positive and negative reinforcement.

Q:

1 Define GDP and distinguish between a final good and an intermediate good. Provide some examples.

Q:

1) a) Define GDP and distinguish between a final good and an intermediate good. Provide examples. b) Why does GDP equal aggregate income and also equal aggregate expenditure? c) What are the...

Q:

Define GDP and distinguish between a final good and an intermediate good. Provide examples. Question content area bottom Part 1 Gross domestic product is _ _ _ _ _ _ _ . A . the factor cost of all...

Q:

1.1 Define GDP and distinguish between a final good and an intermediate good. Provide examples.

Q:

1 Define GDP and distinguish between a final good and an intermediate good. Provide examples.

Q:

Question 1 When the inflation rate is zero, the demand for loanable funds increases. real interest rate equals the nominal interest rate. supply of loanable funds decreases. real interest rate is...

Q:

ANSWER all the questions below part A to part D of all sections a. Distinguish between the law of supply and the law of demand and use a graphical illustration to identify the relationship between...

Q:

Fred purchased an old house near a river. Although the house needs major repairs, it will be his main residence. The river overflows periodically, which has caused substantial damage to several homes...

Q:

Why has the gap between high-income and low-income households grown in recent decades? Household Incomes Rise but As household income crept higher last year, more people in each household had to work...

Q:

Which of the following statements regarding security market indexes is CORRECT?O The Russell 2 0 0 0 index is a well - known index used to benchmark large capitalization companies, The Wilshire 1 0 0...

Q:

Exactly how is money created in the economy? That is, how does the money supply increase?

Q:

In part due to the recession of 2008, the Canadian government budget changed from a smaller surplus to a deficit. What impact would this have on the net exports and private sector balances, other...

Q:

When the Federal Reserve Chairman Ben Bernanke repeatedly decreased the interest rate during late 2008, he was attempting to stimulate the U.S. economy by lowering the interest rates in the U.S....

Q:

In 2007-2008, the nominal exchange rate of U.S. dollars declined relative to both the Japanese yen and the European euro. What would you need to know about the U.S. economy to determine whether this...

Q:

an investment specialist claims that if one holds a portfolio An investment specialist claims that if one holds a portfolio that moves in the opposite direction to the market index like the S&P 500,...

Q:

A decision maker must decide whether or not automate a given process. Depending on the technological success of the automation project, the result will turn out to be either poor, fair, or excellent....

Q:

7. A four month (120 day) call option on a certain stock has an exercise (strike) price of $62 and is currently selling for $10. If the corresponding put option for this same stock (with the same $62...