Suppose a painting is created and sold in 2010 for ( 5,000). The expenses involved in producing

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Suppose a painting is created and sold in 2010 for \(£ 5,000\). The expenses involved in producing the painting amounted to \(£ 2,000\). According to the sum-of-value-added method of calculating GDP, the value added by the final step of creating the painting was:

A. \(£ 2,000\).

B. \(£ 3,000\).

C. \(£ 5,000\).

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Economics For Investment Decision Makers

ISBN: 9781118111963

1st Edition

Authors: Sandeep Singh, Christopher D Piros, Jerald E Pinto

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