The definition of Gross Domestic Product is
a. the total value of all sales in the economy.
b. the total value of production in the domestic economy plus the production of domestic firms in foreign countries.
c. the total value of all sales of final and intermediate goods in the domestic economy.
d. the total of the money values of all final goods and services produced in the domestic economy within a specific time period.
d
You might also like to view...
The value of a worker's marginal product:
A) is the increment in total cost of a firm when the worker is hired. B) is the additional revenue that the worker brings in to the firm. C) is the maximum price at which a product can be sold in a market. D) equals the average product of a firm divided by the marginal product of the worker.
Suppose Betty spends her monthly allowance on buying computer games, watching movies, and parasailing. If an increase in her monthly allowance increases her expenditure on parasailing activities we can say that:
a. parasailing is an inferior good. b. computer games are inferior goods. c. parasailing is a normal good. d. computer games are normal goods.
Major U.S. exporters would be likely to oppose the sort of protectionist policies favored by domestic producers that compete with imports.
a. true b. false
The expenditure approach to GDP accounting includes:
a. wages and salaries.
b. net exports.
c. net interest.
d. corporate profit.
e. proprietors' income.