The Statement That "GDP Values All Output Equally" Means That

question 108

Multiple Choice

The statement that "GDP values all output equally" means that

• A)household production is treated the same as production by firms
• B)depreciation of manufactured capital is treated the same as depletion of natural resources
• C)the purchase of pollution control equipment is valued the same as the pollution itself
• D)leisure time is valued the same as time spent working at a job
• E)the market price of output is the measure of that output's value

---

Definitions:

Reimbursed

Repaid or compensated for expenses or losses incurred.

Contract

An agreement legally recognized and enforceable, made between two or more parties.

Specific Language

Precise and clear language that explicitly states or describes something without ambiguity.

Article 2

A section of the Uniform Commercial Code (UCC) that governs the sale of goods, providing a framework for transactions and specifying obligations of buyers and sellers.