According to the above table, Gross Domestic Product (GDP) is
A. $2,840.
B. $2,750.
C. $2,190.
D. $2,465.
Answer: D
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The approach to GDP that sums compensation of employees, rental income, corporate profits, net interest, proprietors' income, depreciation, and indirect taxes and subtracts subsidies is the
A) opportunity cost approach. B) expenditure approach. C) added cost approach. D) income approach.
An important assumption that is made when constructing a supply schedule is
a. only price and quantity matter in determining supply. b. firms always want to sell a certain amount of a product. c. supply is too important to be left to the marketplace. d. all other determinants of supply are held constant. e. demand has a positive slope.
Recently, the financial crisis led to a bank run in
a. Brazil. b. Germany and France. c. Japan. d. England.
Gross domestic product is equal to the market value of all goods and services
a. exchanged during a period. b. produced domestically during a period. c. produced by the citizens of a nation during a period. d. produced domestically during a period minus the depreciation of productive assets.