Suppose an Individual Wishes to Provide a Definition of GDP

question 23

Multiple Choice

Suppose an individual wishes to provide a definition of GDP for a given period. Which of the following phrases would be used when defining GDP?

• A) Final and intermediate goods and services.
• B) Final and intermediate goods and services produced by the private sector only.
• C) Final goods and services purchased by domestic households.
• D) Final goods and services.
• E) Final and intermediate goods and services, plus raw materials.

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Definitions:

Policy

A course or principle of action adopted or proposed by an organization or individual.

Causation

The relationship between cause and effect where one event directly results in another.

Correlated

Two variables are correlated if their values tend to move together.

Variables

Elements, features, or factors that are likely to change or vary within the context of a research study or scientific experiment.