The Total Value of a Country's Output of Final Goods

question 60

True/False

The total value of a country's output of final goods and services in a given year is known as the gross domestic product (GDP).

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Definitions:

Tax Deductible

Expenses that can be subtracted from gross income to reduce taxable income.

Contract Interest Rate

The pre-determined rate at which interest is calculated on a loan or financial agreement.

Face Value

The original cost of a bond or stock, as indicated on the certificate; it is also known as the nominal or par value.

Above Face Value

A situation where a financial instrument, such as a bond, is traded for more than its original issue price.