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Which phrase defines gross domestic product (GDP)?
A. the difference of expenditures made importing goods and income earned from exporting goods.
B. the total monetary value of all the finished goods and services produced in a country in a given period.
C. the economic value of the professional skills and knowledge used in the production of goods and services.
D. the total investments made for the manufacture of domestic products and services in one year.

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Divya Singh
Divya SinghLv10
9 Oct 2020

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Related questions

Gross domestic product is best defined as
a. the total quantity of goods and services produced in a country during a period of time
b. the total value of all goods that can be found in a country.
c. the market value of all final goods and services produced in a country during a period of time.
d. the amount of all income earned by all citizens of a country, including those living overseas.

Gross Domestic Product (GDP) only measures the value of marketed goods and services for a country during a given period of time.

Is the GDP measure underestimating or overestimating national production and total income in the economy? Why?

What are the limitations of the GDP in measuring total output and national welfare? What products (services) are excluded from the GDP computation?

6)
Ā 
An improvement in technology causes the production possibilities frontier (PPF) to
Ā 
Ā  shift to the right.
Ā  pivot upward.
Ā  shift to the left.
Ā  pivot downward.

Ā 

Ā 

Ā 
(7)
Ā 
Which of the following is not shown by the circular flow model?
Ā 
Ā  The flow of resources in one direction and money in the other
Ā  The equality of aggregate spending and aggregate income
Ā  The interaction of households, firms, and the government
Ā  The total amount of goods and services the economy can produce

Ā 

Ā 

Ā 
(8)
Ā 
Gross domestic product (GDP) is defined as
Ā 
Ā  the market value of all final goods and services produced in an economy in a given period of time.
Ā  the market value of all consumption goods and services produced in an economy in a given period of time.
Ā  the market value of all investment goods and services produced in an economy in a given period of time.
Ā  the real value of all investment goods and services produced in an economy in a given period of time.

Ā 

Ā 

Ā 
(9)
Ā 
Real GDP
Ā 
Ā  includes all domestic and foreign transactions.
Ā  includes the dollar value of domestic transactions only.
Ā  tries to isolate the effect of changing output, holding prices constant.
Ā  measures GDP in terms of prices of goods and services produced.

Ā 

Ā 

Ā 
(10)
Ā 
When economists talk about economic growth, they are usually referring to
Ā 
Ā  the percentage change in nominal GDP.
Ā  the percentage change in real GDP.
Ā  the percentage change in nominal investment.
Ā  the percentage change in real investment.

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