The Monetary Value of All Products and Services Produced in a Country

question 74

Multiple Choice

The monetary value of all products and services produced in a country during one year is referred to as the

• A) balance of trade.
• B) gross domestic product.
• C) national monetary reserve.
• D) monetary national balance.
• E) annual national product.

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Definitions:

Utility Schedule

A table showing the level of satisfaction or utility that a consumer derives from different quantities of a good or service.

Marginal Utility

The increased happiness or advantage derived from the consumption of one extra piece of a good or service.

Total Utility

The full pleasure gained by using a particular volume of goods or services.

Marginal Utility

The increased enjoyment or advantage gained by a consumer from acquiring one more unit of a particular good or service.