Which statement is INCORRECT? O To calculate the US GDP, statisticians add up the market value of our output. To calculate the US GDP, statisticians add up the value of all the intermediary and final output. Statisticians use the prices of goods and services like a ruler to measure the size and growth of US output. To calculate the US GDP, statisticians add up the output produced within the country, regardless of whether the people and businesses which produce that output are nationals of other countries. All the statements are correct.

Which statement is INCORRECT? O To calculate the US GDP, statisticians add up the market value of our output. To calculate the US GDP, statisticians add up the value of all the intermediary and final output. Statisticians use the prices of goods and services like a ruler to measure the size and growth of US output. To calculate the US GDP, statisticians add up the output produced within the country, regardless of whether the people and businesses which produce that output are nationals of other countries. All the statements are correct.

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter19: Measuring Economic Performance

Section: Chapter Questions

Problem 1P

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Similar questions

Last year, a small nation with abundant forests cut down 200 worth of trees. It then turned 100 worth of trees into 150 worth of lumber. It used 100 worth of that lumber to produce $250 worth of bookshelves. Assuming the country produces no other outputs, and there are no other inputs used in producing trees, lumber, and bookshelves, what is this nations GDP? In other words, what is the value of the final goods the nation produced including trees, lumber and bookshelves?
List some of the reasons why economists should not consider GDP an effective measure of the standard of living in a county.
Would you usually expect GDP as measured by what is demanded to be greater than GDP measured by what is supplied, or the reverse?
Country A has export sales of 20 billion, government purchases of 1,000 billion, business investment is 50 billion, imports are 40 billion, and consumption spending is 2,000 billion. What is the dollar value of GDP?
How might you measure a green GDP?