Asked by Michaela Sharp on May 15, 2024
Verified
Gross Domestic Product is the market value of:
A) all exchanges made during the course of a year.
B) all final goods produced during the course of a year.
C) all monetary transactions during the course of a year.
D) all the goods produced during the course of a year over and above what is required to maintain the population and the stock of capital.
E) all final goods sold during the course of a year.
Gross Domestic Product
The total value of all goods and services produced over a specific time period within a country's borders.
Market Value
Market value is the current price at which an asset or service can be bought or sold in a marketplace.
Final Goods
Products that have completed the manufacturing process and are ready for use by consumers or for investment by businesses without further transformation.
- Acknowledge the importance of governmental intervention in advancing competition, stabilizing the financial system, and protecting the ownership of private assets.
Verified Answer
CG
Cassandra GuzmánMay 19, 2024
Final Answer :
B
Explanation :
GDP is the market value of all final goods and services produced in a country during a specified period of time, typically a year. Final goods are those that are consumed or used for investment purposes, and therefore exclude intermediate goods that are used to produce other goods.
Learning Objectives
- Acknowledge the importance of governmental intervention in advancing competition, stabilizing the financial system, and protecting the ownership of private assets.