ECONOMICS
BUSINESS CYCLES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Gross Domestic Product measures the value of ____ (Select all that apply)
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Good produced in the United States.
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Goods produced by any American owned company anywhere in the world.
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Services performed in the United States.
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Any product produced in the United States during a 3 year period
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Explanation:
Detailed explanation-1: -The value of the goods and services produced in the United States is the gross domestic product. The percentage that GDP grew (or shrank) from one period to another is an important way for Americans to gauge how their economy is doing.
Detailed explanation-2: -The gross domestic product of the United States in 2021 amounted to around 23 trillion U.S. dollars.
Detailed explanation-3: -GDP can be measured in three different ways: the value added approach, the income approach (how much is earned as income on resources used to make stuff), and the expenditures approach (how much is spent on stuff).
There is 1 question to complete.