Consumption Is Approximately ________ of Gross Domestic Product (GDP)

question 165

Multiple Choice

Consumption is approximately ________ of gross domestic product (GDP) .

• A) 50 percent
• B) 90 percent
• C) 70 percent
• D) 80 percent
• E) 40 percent

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Definitions:

Price Elastic

A measure of how the quantity demanded of a product or service changes in response to a change in its price.

Sales Volume

The total quantity of goods or services sold within a specific period, often used as an indicator of business performance.

Price Inelastic

A characteristic of goods or services whose demand does not significantly change with changes in price, indicating that consumers are relatively unresponsive to price adjustments.

Price Elastic

Describes a condition where the demand for a product or service changes significantly in response to a change in its price.