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Defining GDP

Paper purchas...

Question

Paper purchased by a publisher is _______.

A

intermediate goods

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B

final goods

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C

consumer goods

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D

none of the above

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Solution

The correct option is B intermediate goods
Intermediate goods refers to the raw materials used by the manufacturer which is either completely used in the production process or goes away in a final product. Paper purchased by a publisher is an intermediate good as it is completely used up in the production of the books to make the final product.

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Q. Fill in the blanks with appropriate alternatives given in the brackets.
1) National income is the subject matter of _________ Economics. (Micro / Macro/ Managerial / Business).
2) GDP _(FC) = GDP _(MP) – __________ (factor cost/indirect taxes/depreciation/subsidy)
3) In India, the responsibility for the calculation of national income rests with _________. (World Bank/International Monetary Fund/Central Statistical Organization/International Labour Organization)
4) National income is __________ concept. (stock/final/intermediate/flow)
5) Paper purchased by a publisher is __________. (intermediate good/final good/consumer good/service)

Q. Which among the following are final goods and which are intermediate goods? Give reasons.
(a) Milk purchased by a tea stall
(b) Bus purchased by a school
(c) Juice purchased by a student from the school canteen.

Q. Classify the following as final goods or intermediate goods.
(i) Machine purchased by a firm.
(ii) Soft drinks purchased by the school canteen.
(iii) Clothes purchased by an individual.
(iv) Coal purchased by a factory.
(v) Electricity consumption In a business.
(vi) Book purchased by a student.
(vii) Books purchased by a book seller.
(viii) Postage stamps purchased by a consumer.
(ix) Postage stamps purchased by a business unit.
(x) Exhaust fans used for making water coolers.
(xi) Seeds purchased by a farmer to produce wheat.
(xii) Seeds purchased for kitchen gardening.
(xiii) Machihes purchased by a dealer of machines.
(xiv) Car purchased by a household.
(xv) Sewing machine purchased by a housewife.

Q. The following table shows the expenditure incurred by a publisher in publishing a book:

Items	Paper	Printing	Binding	Advertising	Miscellaneous
Expenditure (in%)	35%	20%	10%	5%	30%

Present the above data in the form of a pie-chart.

Q. Expenditure incurred by a publisher for acquiring copyrights is a ________.

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