GDP Can Be Calculated by Adding Up the Quantities of Goods

question 28

True/False

GDP can be calculated by adding up the quantities of goods and services produced in a given year.

---

Definitions:

Wealth Of Nations

A seminal book by Adam Smith that analyses the nature and causes of the wealth of nations, laying the foundations of classical economics.

Opportunity Cost

The cost of foregoing the next best alternative when making a decision or choosing between options.

Tuition

Tuition refers to the fee paid for instruction or teaching, typically charged by educational institutions such as colleges and universities.

Marginal Cost

The cost incurred from producing one additional unit of a product or service.