GDP Can Be Defined as the

question 36

Multiple Choice

GDP can be defined as the

• A) market value of all final goods and services produced within a country.
• B) market value of all goods and services produced within a country in a given year.
• C) market value of all final goods and services produced within a country in a given year.
• D) market value of all final goods produced within a country in a given year.

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Definitions:

Marginal Cost

The extra cost triggered by the production of an additional unit of a product or service.

Marginal Revenue

The additional income from selling one more unit of a good or service.

Marginal Cost

The hike in overall costs when one extra unit of a product or service is produced.

Economic Profits

The difference between total revenue and total costs, including both explicit and implicit costs, representing surplus remaining after all costs have been paid.