If the Government Reports That "GDP Increased at an Annual

question 91

Multiple Choice

If the government reports that "GDP increased at an annual rate of 6.0 percent for the fourth quarter of 2010," by how much did GDP increase?

• A)6.0 percent during 2010
• B)24.0 percent during 2010
• C)6.0 percent during the fourth quarter of 2010
• D)1.5 percent during the fourth quarter of 2010

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Definitions:

Good

A tangible product or item that satisfies some human want or need.

Equilibrium Quantity

The quantity of goods or services supplied is exactly equal to the quantity demanded at the market price.

Market Demand

The total quantity of a good or service that all consumers in a market are willing and able to purchase at a given price.

Tax Revenue

Income that is gained by governments through taxation, used to fund public services and government obligations.