In a Closed Economy, the Components of GDP Are

question 120

Multiple Choice

In a closed economy, the components of GDP are:

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

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Definitions:

Mean

The average of a set of numbers, calculated by adding all the numbers together and then dividing by the count of those numbers.

Standard Deviation

Standard deviation is a measure that quantifies the amount of variation or dispersion of a set of data values, used to understand how spread out the values are from the mean.

Mean Speed

The average velocity of an object over a defined period of time.

Standard Deviation

A measure of the amount of variation or dispersion of a set of values; a low standard deviation means that the values tend to be close to the mean, while a high standard deviation means they are spread out over a wider range.