Gross Output (GO) for an Economy in a Given Year

question 44

Multiple Choice

Gross output (GO) for an economy in a given year

• A) will always be less than GDP for that economy in the same year.
• B) will always equal GDP for that economy in the same year.
• C) may be greater than or less than GDP for that economy in the same year.
• D) will always exceed GDP for that economy in the same year.

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Definitions:

Depreciation

The reduction in the value of an asset over time, due to wear and tear, age, or obsolescence.

Security Deposit

Funds provided by a tenant to a landlord at the start of a lease as protection against damage or non-payment of rent, usually refundable under certain conditions.

Rental Income

Income received from renting out property, such as real estate or personal property, which must be reported on tax returns and is subject to income tax.

Tax Year

The 12-month period for which tax is calculated. It can be a calendar year or a fiscal year, depending on the taxpayer.