Asked by Botle Jacqueline on Jun 09, 2024
Verified
GDP includes the value of paper clips but does not also count the value of the metal used to make them.
Paper Clips
Small pieces of bent wire or plastic used for holding together sheets of paper.
Metal
A class of elements characterized by physical properties such as conductivity, malleability, and magnetic attraction.
- Differentiate between end products and goods in process within the framework of Gross Domestic Product computation.
- Ascertain the elements included and excluded in the estimation of GDP.
Verified Answer
IM
Irvan MeyersJun 11, 2024
Final Answer :
True
Explanation :
GDP includes the final goods and services produced within a country in a given period, such as paper clips, but avoids double counting by not including the value of intermediate goods like the metal used to make them.
Learning Objectives
- Differentiate between end products and goods in process within the framework of Gross Domestic Product computation.
- Ascertain the elements included and excluded in the estimation of GDP.