Which Prices Are Used to Measure Goods and Services in Calculating

question 161

Multiple Choice

Which prices are used to measure goods and services in calculating GDP?

• A) past year prices
• B) current prices
• C) average prices
• D) projected prices

---

Definitions:

William Levitt

An American real estate developer known for popularizing the modern American suburb through the mass production of affordable housing.

Family Farms

Agricultural enterprises that are owned and operated by families, often passed down through generations, focusing on the production of crops and livestock.

Civil War

A conflict occurring within a single country or state, frequently sparked by differences in politics, society, or the economy.

Economic Transition

The process of transforming an economy from a centrally planned system to a market-oriented system, involving significant policy, structural, and societal changes.