If the GDP of a Country in 2010 Was $48

question 137

Multiple Choice

If the GDP of a country in 2010 was $48 billion, what does this $48 billion represent?

• A) the total value of all final goods and services produced during 2010
• B) the actual growth of discretionary profit in 2010
• C) the estimated growth of discretionary profit in the country for 2010
• D) how much money the households in the country spent in 2010

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Definitions:

FICA Taxes

Taxes imposed on both employees and employers to fund Social Security and Medicare, based on a percentage of the employee's earnings.

Social Security

A government program that provides financial assistance to people with insufficient or no income, including retirees, disabled individuals, and survivors.

Medicare Taxes

Taxes collected from employees and employers to fund the Medicare program, which provides health insurance for Americans aged 65 and older, and for some younger people with disability.

FUTA Taxes

Federal Unemployment Tax Act taxes, which are payroll taxes paid by employers to fund the unemployment account of the federal government.