The Market Value of the Goods and Services Produced in an Economy

question 13

Multiple Choice

The market value of the goods and services produced in an economy minus income from foreign investments is the

• A)gross national product (GNP).
• B)gross domestic product (GDP).
• C)net national worth.
• D)net domestic worth.
• E)net international economic contribution.

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Definitions:

Consumption

The action of using up goods and services to satisfy needs or desires.

Income

The financial gain received by an individual or entity, usually through employment, investments, or business operations.

Interest Rate

The percentage of principal charged by the lender for the use of its money.

Budget Constraint

An economic model that outlines the combination of goods and services a consumer can purchase given their income and the prices of those goods and services.