GDP is best defined as  a. the cost of producing all final goods and services sold during a given year.b. the market value of all final goods and services produced during a given year.c.the cost of producing all final goods and services during a given year. d.the market value of all final goods and services sold during a given year.

Question
Asked Nov 7, 2019
11 views
GDP is best defined as
  
a. the cost of producing all final goods and services sold during a given year.
b. the market value of all final goods and services produced during a given year.
c.the cost of producing all final goods and services during a given year. 
d.the market value of all final goods and services sold during a given year.
 
check_circle

Expert Answer

Step 1

GDP is best defined as (b) the market value of all final goods and services produced during a given year.

GDP is not defined as cost of anything as it is the mar...

Want to see the full answer?

See Solution

Check out a sample Q&A here.

Want to see this answer and more?

Solutions are written by subject experts who are available 24/7. Questions are typically answered within 1 hour.*

See Solution
*Response times may vary by subject and question.
Tagged in

Business

Economics

Related Economics Q&A

Find answers to questions asked by student like you

Show more Q&A add
question_answer

Q: Given the following diagram, what is the own-price elasticity of supply between points A and B? P S ...

A: The price elasticity of supply is the degree of responsiveness from the part of the producers toward...

question_answer

Q: Suppose the world price of steel falls substantially. The demand for labor among steel-producing fir...

A: It is given that there is a fall in the world price of steel which will cause the steel-producing fi...

question_answer

Q: When are larger deficits desirable?

A: Deficit occurs when the government’s expenditure is greater than its revenue.

question_answer

Q: In January, the interest rate is 5 percent and firms borrow $ 50 billion per month for investment pr...

A: Crowding out effect is a scenario in which a increase in the interest rate leads to a fall in the in...

question_answer

Q: PE19   Determine whether each of the following would cause the economy’s PPF to shift inward, outwar...

A: Answer - Dera studentThank you for submitting your question.Since we only answerup to three sub part...

question_answer

Q: a. Please explain the concept of the multiplier, including What information is required to calculate...

A: (a) Multiplier is a measure that tells the effect of change in any economic variable on the GDP of t...

question_answer

Q: explain on the impact of a drop in the discount rate on the supply of money in the market

A: Monetary Policy: It refers to the decision of the central bank regarding the amount of money supply ...

question_answer

Q: Should an economic model describe reality exactly?

A: An economic model is a basic framework of the real-world. It is used to examine the real-world econo...

question_answer

Q: If the Federal Reserve tries to target inflation near 2%, the inflation rate is 3%, and output is 3%...

A: The formula of Taylor rule is as follows: