GDP May Be Defined As

question 33

Multiple Choice

GDP may be defined as:

• A)the monetary value of all goods and services (final, intermediate, and non-market) produced in a given year.
• B)total resource income less taxes, saving, and spending on exports.
• C)the economic value of all economic resources used in the production of a year's output.
• D)the market value of all final goods and services produced within country in a specific year.

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Definitions:

T-account

A T-account is a visual representation of a general ledger account that outlines a business's debits and credits.

Unearned Revenues

Income received by a company for goods or services that have yet to be delivered or performed.

Source Documents

Original records that provide evidence and details of business transactions, such as receipts and invoices.

Debit

A financial record that elevates an asset or expense account, or lessens a liability or equity account.