The size of a nation’s overall economy is typically measured by its gross domestic product, or GDP, which is the value of all final goods and services produced within a country in a given year.
Q. Is an increase in the real dollar value of all final goods and services that are produced per person for a specified period of time?
Chapter 8.1/10 Review
Table of Contents
- Q. Is an increase in the real dollar value of all final goods and services that are produced per person for a specified period of time?
- Q. Which economic indicator is the value of all the final goods and services produced in a country during a given time period?
- Q. Is intermediate goods are durable in nature?
- Q. Is flour is always a consumption good?
- Q. Is capital a final good?
- Q. Is a final good *?
- Q. Is milk a final good or intermediate?
- Q. What is the difference between intermediate good and final good Why is the distinction important for measuring GDP?
- Q. Is air a free good?
| A | B |
|---|---|
| capital deepening | An increase in the amount of capital goods available per worker |
| real GDP per capita | the real dollar value of all final goods and services produced per person for a specified period of time |
| expansion | a period of economic growth |
Q. Which economic indicator is the value of all the final goods and services produced in a country during a given time period?
GDP
Q. Is intermediate goods are durable in nature?
The intermediate goods are non durable in nature. They are the goods used as raw materials and they lose their identity in production process for creation of a new commodity,during an accounting year.
Q. Is flour is always a consumption good?
Flour is a always counted as an intermediate good b counted as an intermediate | Course Hero. You can ask !
Q. Is capital a final good?
Capital Goods are those final goods which help in production of other goods and services. For example, plant and machinery, equipment’s, etc. Some Points about Capital Goods: (ii) They do not lose their identity in the production process, i.e. they do not get merged in the process of production.
Q. Is a final good *?
A final goods or consumer goods is a commodity that is used by the consumer to satisfy current wants or needs, unlike intermediate goods which is utilized to produce another goods. A microwave oven or a bicycle is a final good, whereas the parts purchased to manufacture it are intermediate goods.
Q. Is milk a final good or intermediate?
Goods purchased by a production unit from other production units for resale or for using them completely during the same year are an intermediate goods, goods purchased for consumption/investment are final goods. Milk purchased by a restaurant is an intermediate good, because it is purchased for reselling.
Q. What is the difference between intermediate good and final good Why is the distinction important for measuring GDP?
The difference between intermediate and final goods is impotant to avoid double counting. When intermediate goods are used as raw materials in the production of final goods the value of intermediate goods gets automatically included in the value of final goods.
Q. Is air a free good?
Any good whose supply is greater than the demand if their price were zero is called a free good, since consumers can obtain all they want at no charge. We used to consider air a free good, but increasingly clean air is scarce.
