GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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GDP, or gross domestic product, measures ____
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the value of all final goods and services produced
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an increase in the general price level
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the percentage of people looking for work that can’t find it
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the economic freedom an economy offers
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Explanation:
Detailed explanation-1: -GDP measures the monetary value of final goods and services-that is, those that are bought by the final user-produced in a country in a given period of time (say a quarter or a year). It counts all of the output generated within the borders of a country.
Detailed explanation-2: -Nominal GDP measures aggregate output (meaning the value of all of the final goods and services produced) using current prices.
Detailed explanation-3: -Answer and Explanation: The statement, “Gross domestic product (GDP) measures total expenditures on final goods and services during a given period of time, ‘’ is False. GDP measures total output, not total expenditures.
There is 1 question to complete.