In Order to Include Many Different Goods and Services in an Aggregate

question 53

Multiple Choice

In order to include many different goods and services in an aggregate measure, GDP is computed using, primarily,

• A)values of goods and services based on surveys of consumers.
• B)market prices.
• C)quantities purchased by a typical urban household.
• D)profits from producing goods and services.

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Definitions:

Interest

The expense associated with taking out a loan, usually represented as a yearly percent of the total loan value.

Years

A measurement of time equal to 365 days (or 366 days in a leap year), used to denote the duration or age of something.

Insurance Annuity

An insurance product that pays out income, typically used as a retirement strategy to provide individuals with a steady income in their post-work years.

Rate of Return

Net profit or net loss from an investment during a specified time span, presented as a percentage of the investment's initial financial input.