1. When you go to your local mall and buy new clothing that was produced in a foreign country, this has no impact on our GDP.Group of answer choicesTrueFalse2. What does Gross Domestic Product measure?Group of answer choicesthe value of all final goods and services sold in the economythe value of all final goods and services produced in the economythe value of all goods and services produced in the economythe value of all goods and services sold in the economy 3. If the price of a banana is twice the price of an apple, then the sale of a banana contributes twice as much to GDP as the sale of an apple.Group of answer choicesTrueFalse

Question
Asked Sep 30, 2019
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1. When you go to your local mall and buy new clothing that was produced in a foreign country, this has no impact on our GDP.

Group of answer choices

True

False

2. What does Gross Domestic Product measure?

Group of answer choices

the value of all final goods and services sold in the economy

the value of all final goods and services produced in the economy

the value of all goods and services produced in the economy

the value of all goods and services sold in the economy

 

3. If the price of a banana is twice the price of an apple, then the sale of a banana contributes twice as much to GDP as the sale of an apple.

Group of answer choices

True

False

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Expert Answer

Step 1
  1. The given statement “When you go to your local mall and buy new clothing that was produced in a foreign country, this has no impact on our GDP” is false because when a individual purchase a product that is produced in foreign country will be counted as import of the country and will have a significant impact on GDP.
Step 2

2. GDP (Gross Domestic Product): It refers to the total of market value of all produced final goods and services in the economy during a s...

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