Assume the production of a good involves four stages of production. If the final retail price...
Assume the production of a good involves four stages of production. If the final retail price of this good is $20, it must be the case that summing the "value added" for all stages of production will equal:
a. $4
b. $5
c. $80
d. $20
Homework Answers
GDP is the sum of value added at each stage of production.
If production of goods involves four stages of production and the final retail price of this good is $20, it means the GDP is $20.
And it must be the case that summing the value added for all stages of production will equal to $20.
Answer: option (d).
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