The _____ Is Measured as the Sum of Value Added

question 77

Multiple Choice

The _____ is measured as the sum of value added by resident firms,households,and governments operating in an economy.

• A) gross national product 
• B) gross national income 
• C) gross domestic product 
• D) national reserve

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Definitions:

Durable Consumer Goods

Products that are not consumed or destroyed in use and are able to provide utility over time, such as appliances, cars, or furniture.

Loanable Funds

The money available for lending and borrowing in the financial markets.

Opportunity Cost

The value of the next best alternative foregone as the result of making a decision.

Downsloping

Refers to a descending trend or pattern, often used in contexts such as demand curves in economics, where price and quantity demanded move in opposite directions.