One Way to Estimate GDP Is To

question 83

Multiple Choice

One way to estimate GDP is to:

• A) measure the total expenditure of an economy.
• B) add up the value of final and intermediate goods and services sold in a given year.
• C) add together the market value of final services sold in the economy.
• D) add together the market value of final goods sold in the economy, but not services.

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Definitions:

Flexible Budget

A budget that adjusts or flexes with changes in volume or activity levels, allowing for more accurate budgeting in variable cost scenarios.

Patient-Visits

A measure used in healthcare to denote the number of times patients see a healthcare provider or visit a healthcare facility.

Revenue

The sum of money a company earns from its sales of products or services before deducting any costs.

Flexible Budget

An adjustable budget that shifts depending on changes in levels of volume or activity.