Real GDP Is the Value of Final Goods and Services

question 98

Multiple Choice

Real GDP is the value of final goods and services produced in a year

• A)minus depreciation.
• B)minus the value of all the intermediate goods produced.
• C)expressed in the prices of a base year.
• D)expressed in the prices of that same year.
• E)during a recession.

---

Definitions:

Deductive

A logical process where a conclusion follows necessarily from the set of premises, provided the premises are true.

Hasty Generalization

A reasoning error where the conclusion is not supported by enough or impartial evidence.

Blizzard

A severe snowstorm characterized by strong sustained winds of 35 mph or more and lasting for a prolonged period of time, typically three hours or more.

Fallacy Of Accident

A logical error that occurs when an argument mistakenly applies a general rule to a specific case that is exceptional or atypical.