The Nominal GDP of the U

question 102

Multiple Choice

The nominal GDP of the U.S.in 2012 was approximately $16.2 trillion.This means that

• A)the value of output in 2012 was around $16.2 trillion.
• B)total income in 2012 was around $16.2 trillion.
• C)total spending in 2012 was around $16.2 trillion.
• D)all of the above are true.

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Definitions:

Inelastic

Refers to a situation where the demand or supply for a good or service is relatively unresponsive to changes in price.

Price Elasticity

The responsiveness of the quantity demanded or supplied of a good to a change in its price, a key concept in understanding consumer and producer behavior.

Crude Oil

A naturally occurring, unrefined petroleum product composed of hydrocarbon deposits and other organic materials, used as a fuel source.

Price-Elasticity

A measure of how much the quantity demanded of a good responds to a change in the price of that good, expressed as a percentage.