Table 62 Shows Data on the Components of GDP in an an Economy

question 109

Multiple Choice

Table 6.2 shows data on the components of GDP in an economy. Use the table to answer questions .
Table 6-2

-Refer to Table 6-2. What is the value of GDP?

• A) $1,010 billion
• B) $1,060 billion
• C) $950 billion
• D) $210 billion

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Definitions:

Individual Producer

A single entity or person that creates goods or provides services in an economy.

Market Power

Refers to the ability of a firm or group of firms to manipulate the price and output levels in the market to their advantage.

Supply

The total amount of a specific good or service available to consumers at a given price level.

Input Market

The input market is the marketplace where companies or individuals procure resources, such as raw materials, labor, and services, needed to produce goods or offer services.