Explain how the value of intermediate goods are accounted for in the GDP data, in the following three circumstances: 1) they are used to produce final goods in the current year; 2) they are left over to be turned into final goods in the following year; and, 3) they are imported from a foreign country and used to produce final goods in the current year.

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The value of intermediate goods is accounted for in the GDP data in the following three circumstance... View the full answer