The Total Value of All a Nation's Goods and Services

question 66

Multiple Choice

 The total value of all a nation's goods and services produced each year is called 

• A) adjusted production value. 
• B) consumer price index. 
• C) gross domestic product. 
• D) goods measure. 
• E) international trade product.

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Definitions:

Cigarette Taxes

A tax levied on cigarettes to increase their price and decrease their consumption for health policy reasons.

Demand for Cigarettes

refers to the total quantity of cigarettes that consumers are willing and able to purchase at a given price level over a specific period of time.

Elastic

A characteristic of a good or service that indicates a high sensitivity of quantity demanded or supplied to changes in its price.

Normal Goods

Goods for which demand increases as the income of the consumer increases and falls when the income of the consumer decreases, all else being equal.