Gross domestic product is a measure of both
a. the market value of a nation's capital assets (physical capital) and the costs that were incurred producing those assets.
b. the expenditures on and sales revenues derived from all goods and services exchanged during a period.
c. the market value of the output produced during a period and the cost of producing that output.
d. the asset holdings of people and the happiness that they derived from the ownership of those assets.
C
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For a bank, "reserves" refers to:
A. the loans it will call back early if a recession starts. B. the cash it keeps on hand to meet withdrawal requests. C. the part-time workers that will be offered full-time jobs if necessary. D. the cash it lends to households or businesses who want to borrow.
The following is an example of adverse selection
a. A majority of those applying for well paid jobs are under qualified b. More reckless drivers opt for cars with fewer safety devices c. Individuals living in less secure neighborhoods want to buy less insurance d. Individuals with a strong family history of heart diseases opt to buy less insurance