To calculate gross domestic product, you use the sum of the market values of all final goods and services produced in a given year. This means you
A) count the total number of final goods and services produced in the marketplace in that particular year and then add the numbers together.
B) count the total number of final goods and services produced in the marketplace from every year including that given year and then add the numbers together.
C) value the final goods and services at their market prices for that particular year, multiply them by the quantity produced that year, and then add the numbers together.
D) value the final goods and services at their market prices for that particular year, multiply them by the quantity produced from every year including that given year, and then add the numbers together.
C
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In modern economies
A) some prices are very flexible while others are not. B) no prices are very flexible. C) all prices are very flexible. D) prices become less flexible as they increase.
Which of the following is NOT one of the Fed's monetary policy tools?
A) last resort loans B) the required reserve ratio C) the income tax rate D) buying and selling U.S. government securities
In the short run, a perfectly competitive firm can either make a profit or exit the market.
Answer the following statement true (T) or false (F)
An example of moral hazard is
a. workers working diligently even though the boss is not looking b. health care insured forgoing their diet and exercise c. drivers of safer cars turning their phones off before driving d. borrowers investing their loan proceeds exactly as the bank requires