A statistic called Gross Output (GO) sums together the value of economic activity taking place in each of the four stages of a productive economy, namely, a) planning, implementation, review, and wrap-up

Economics Dec 14, 2020

A statistic called Gross Output (GO) sums together the value of economic activity taking place in each of the four stages of a productive economy, namely,

a) planning, implementation, review, and wrap-up.

b) addition, subtraction, multiplication, and division.

c) resource extraction, production, distribution, and final output.

d) by land, by air, by sea, and by rivers and lakes.

Expert Solution

The correct option is c) resource extraction, production, distribution, and final output.

Gross output is an economic statistic that is much broader than the GDP as the GO takes into account each economic activity in the production of goods and services in one period. The first step is to procure the resource (input), that undergoes the processing through the production process. The produced good is distributed for final sale, and the final output is counted as Gross Output.

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