GDP Can Be Calculated by Summing

question 86

Multiple Choice

GDP can be calculated by summing

• A)consumption, investment, government purchases, exports, and imports.
• B)consumption, investment, government purchases, and net exports.
• C)consumption, investment, wages, and rents.
• D)consumption, investment, government purchases, and imports.

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Definitions:

Instrument

A formal legal document that represents a right or interest, such as a check, promissory note, or bond.

Credit

The ability to obtain goods or services before payment, based on the trust that payment will be made in the future.

Uniform Commercial Code

The Uniform Commercial Code (UCC) is a comprehensive set of laws governing all commercial transactions in the United States, intended to harmonize the law of sales and other commercial transactions.

Non-negotiable Instrument

A document or contract that cannot be transferred or assigned from one person to another in a way that the receiver obtains the legal right to it.