Gross domestic product is the:
a. total market value of the final goods and services produced by an economy during a specific period of time.
b. total value of all the goods and services produced in an economy plus the value of the goods and services imported minus the value of the goods and services exported.
c. total market value of all final goods and services produced by the factors of production of an economy during a given time period minus depreciation.
d. total quantity of all goods and services produced in an economy during a specific period of time.
a
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The marginal revenue product curve shifts when
A) wages fall. B) there is a change in the product price workers are producing. C) wages rise. D) the wages paid exceed the price.
If the demand for computer software rises as incomes rise, then computer software is a (an)
A) inferior good B) substitute (good) for computers C) normal good D) complement (good) for computers E) c and d