ECON 1010 Study Guide - Midterm Guide: Black Market, Cash Register, Resource Depletion

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.

GDP can be calculated by summing

a. consumption, investment, and exports of all final goods and services produced within the borders of a given country during a specific period

b. the dollar value of all final goods and services produced within the borders of a given country during a specific period

c. government expenditures within the borders of a given country during a specific period

d. the quantity of all final goods and services produced within the borders of a given country during a specific period

What does Gross domestic product (GDP) include?

A. All intermediate goods and services produced in the economy in a given year

B. All final goods and services produced in the economy in a given year

C. All goods and services imported from abroad

D. All goods and services produced by the government

E. All of the above