Asked by Kartik Bhatia on May 11, 2024
Verified
The term "final goods and services" refers to
A) goods and services which are unsold and therefore added to inventories.
B) goods and services whose value has been adjusted for changes in the price level.
C) good and services purchased by ultimate users,as opposed to resale or further processing.
D) the excess of American exports over American imports.
E) consumer goods,as opposed to investment goods.
Final Goods And Services
Final goods and services refer to products and services that are consumed by the end-user and do not require any further transformation or processing.
- Discriminate between consumable goods and services and intermediate items to avert duplication in the tally of Gross Domestic Product.
Verified Answer
BU
Brenda UkohaMay 13, 2024
Final Answer :
C
Explanation :
Final goods and services refer to goods and services that are purchased by ultimate users for consumption or satisfaction of their needs, rather than for resale or further processing. This means that they are not used for any production purpose, but for the satisfaction of final consumers.
Learning Objectives
- Discriminate between consumable goods and services and intermediate items to avert duplication in the tally of Gross Domestic Product.