Real GDP Is

question 167

Multiple Choice

Real GDP is

• A) the value of total production when the unemployment rate is 6 percent.
• B) the value of total production of all the nation's farms, factories, shops and offices measured at the prices of the year it was produced.
• C) the value of total production of all the nation's farms, factories, shops and offices measured in the prices of a single year.
• D) an increase in the average level of prices.

---

Definitions:

Medicare

A federal health insurance program in the United States primarily for people who are 65 or older, as well as for some younger people with disabilities.

President's Budget

The President's Budget is a comprehensive proposal by the executive branch outlining the government's expected revenues, spending, and policies for the fiscal year.

Economic Report

A document or release that details the current state of the economy or analyzes economic indicators, trends, and policies.

Continuing Resolutions

Budget agreements that allow agencies, in the absence of an approved budget, to spend at the rate of the previous year’s budget.