Gross domestic product is calculated by summing up the
A) total quantity of goods produced in the economy during a particular year.
B) total quantity of final goods and services produced in the economy during a particular year.
C) total market value of final goods produced in the economy during a particular year.
D) total market value of final goods and services produced in the economy during a particular year.
D
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An economy has two workers, Jen and Rich. Every day they work, Jen can produce 2 TVs or 10 radios, and Rich can produce 4 TVs or 12 radios. What is the opportunity cost for Jen to produce one TV?
A. 10 radios B. 1/5 radio C. 1/3 radio D. 5 radios
A fall in the price of capital goods will shift the aggregate:
a. Supply curve leftward b. Demand curve leftward c. Supply curve rightward d. Demand curve rightward