A Change in Nominal GDP Sums Up Changes in

question 80

Multiple Choice

A change in nominal GDP sums up changes in

• A)prices alone.
• B)physical production alone.
• C)physical production and hours of production time.
• D)physical production and prices.

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Definitions:

Production

The process of creating goods and services from various resources.

TPS

A Transaction Processing System is an information system that gathers, saves, alters, and provides access to an organization's transaction data.

Make-to-order

A production strategy where manufacturing starts only after a customer's order is received, allowing for customization of products but potentially leading to longer lead times.

Make-to-stock

A production strategy where items are manufactured for stock based on demand forecasts, rather than being custom made to order.