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:

Fair Value

The estimated price at which an asset can be bought or sold in a current transaction between willing parties.

Unrealized Gain

The increase in value of an asset or investment that has not been sold, therefore not yet generating actual profit.

Fair Value Adjustment

A financial accounting process of adjusting the carrying value of an asset or liability to align with its current market value.

Available-for-Sale

A classification for financial assets implying that they are not primarily held for trading purposes but can be sold if needed.