Question

The total production of a year for a particular sector is calculated from ____.
(a) the value of goods calculated separately at all stages of production in that sector
(b) the value of final goods produced in that sector
(c) the value of final goods and services produced in all the sector
(d) the value of final goods and services produced in the three sectors​

Answer 1

Answer:

The correct answer is option (d) the value of final goods and services produced in the three sectors.

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Answer 2

The value of final goods produced in that sector determines the total production of a year in that sector for a particular year.

• If we analyze the production separately at all stages it would be very hectic and time-consuming and it would not be of much use.
• Considering options 3 and 4 if we analyze the production cost of all the sectors or the final value of goods, the cost of production of one sector would be impossible to ascertain.