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Is the value of the production of intermediate goods missing from GDP? Yes, because GDP only counts the value of finished goods. No, because when GDP is calculated the value of intermediate goods and finished goods are summed together. Yes, because GDP is a measure of the sale of goods, not the production of goods. No, because the value of these goods is part of the value of some other finished goods.

Is the value of the production of intermediate goods missing from GDP? Yes, because GDP only counts the value of finished goods. No, because when GDP is calculated the value of intermediate goods and finished goods are summed together. Yes, because GDP is a measure of the sale of goods, not the production of goods. No, because the value of these goods is part of the value of some other finished goods.

Essentials of Economics (MindTap Course List)
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter15: Measuring A Nation's Income
Section: Chapter Questions
Problem 1PA
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Is the value of the production of intermediate goods missing from GDP? Yes, because GDP only counts the value of finished goods. No, because when GDP is calculated the value of intermediate goods and finished goods are summed together. Yes, because GDP is a measure of the sale of goods, not the production of goods. No, because the value of these goods is part of the value of some other finished goods.
Transcribed Image Text:Is the value of the production of intermediate goods missing from GDP? Yes, because GDP only counts the value of finished goods. No, because when GDP is calculated the value of intermediate goods and finished goods are summed together. Yes, because GDP is a measure of the sale of goods, not the production of goods. No, because the value of these goods is part of the value of some other finished goods.
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