Gross domestic product is a monetary measure of

A. total consumption in the economy.
B. the total value of all final goods and services.
C. total industrial output.
D. the total value of all foreign sales and purchases.

Answer: B

Economics

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In a Bertrand model with identical products

A) price is the same as in a competitive market equilibrium. B) price and quantity are the same as in a monopoly. C) price and quantity are the same as in a duopoly. D) None of the above.

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Consumer surplus is the difference between what the producer actually receives for a good and what the producer is willing to receive

a. True b. False Indicate whether the statement is true or false

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