All Final Goods and Services That Make Up GDP Can

question 167

Multiple Choice

All final goods and services that make up GDP can be expressed in the form:

• A) GDP = C + I − G + (X + M).
• B) GDP = C + I + G + (X + M).
• C) GDP = C + I + G + (X − M).
• D) GDP = C + I + (X − M).
• E) GDP = C + I + G.

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Definitions:

Testamentary Capacity

The legal mental competence required of an individual to execute a valid will, including understanding the nature of the act and the effects of their decisions.

Executor

An individual appointed in a will to manage the estate of the deceased, ensuring that all debts are paid and assets are distributed according to the will.

Escheat

A legal process where unclaimed or forfeited property reverts to the state if there are no claimants or heirs.

Probate

The legal process of administering the estate of a deceased person, resolving all claims, and distributing the deceased person's property under a will.