Which of the following best describes gross domestic product (GDP)?
a. The market value of all inputs imported into a domestic economy to produce final goods and services during a period of time such as a year.
b. The market value of all final goods and services produced in a nation during a period of time such as a year.
c. The quantity of all goods and services produced in a nation during a period of time such as a year.
d. The average price of all goods and services produced in a nation during a period of time such as a year.
b
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One policy that would increase the saving rate would be
A) raising taxes on the returns to saving. B) raising taxes on the returns to investment. C) taxing consumption. D) raising taxes on saving.
If, in a competitive market, marginal benefit is less than marginal cost
A) the government must force producers to raise prices in order to achieve economic efficiency. B) the output is greater than the equilibrium quantity. C) the output is less than the equilibrium quantity. D) the net benefit to consumers from participating in the market is less than the net benefit to producers.