Which of the following is included in gross domestic product for an economy in a given year?
A) the value of intermediate goods produced in that year
B) the value of used goods sold in that year
C) the value of final goods produced in that year
D) All of the above would be included in gross domestic product for an economy in a given year.
Answer: C
You might also like to view...
Assume that a worker in a technology firm can produce 3 circuit boards in an hour. Due to subsequent innovation, he is now able to produce 6 circuit boards per hour. Other things remaining the same, the firm's supply curve is likely to:
A) shift to the left. B) shift to the right. C) become steeper. D) remain unchanged.
If the short-run aggregate supply curve is shifting down repeatedly, it is rather likely that ________
A) output is declining repeatedly, relative to potential output B) the long-run aggregate supply curve is shifting to the left C) negative price shocks are recurring D) all of the above E) none of the above