Multiple Choice
Which definition BEST describes GDP?
A) the total value of all final goods and services produced in the economy during a given year
B) the total value of all goods and services produced in the economy during a given year
C) the total value of all primary, intermediate, and final goods and services produced in the economy during a given year
D) the total value of all goods and services produced and sold in the economy during a given year
Correct Answer:
Verified
Correct Answer:
Verified
Q112: Which item is included in GDP?<br>A) the
Q113: Which statement about gross domestic product is
Q114: Included in GDP is the dollar value
Q115: The circular-flow diagram is important because it
Q116: In the factor markets:<br>A) households supply goods
Q118: The national accounts do NOT keep track
Q119: Suppose that, in year 1, an economy
Q120: If nominal GDP decreases from one year
Q121: The MOST important use of GDP is
Q122: The scale MOST often used to compare