What Measures the Value of the Output Produced by the Resources

question 104

Multiple Choice

What measures the value of the output produced by the resources of a country?

• A) gross national product
• B) real gross domestic product
• C) nominal gross domestic product
• D) gross national income
• E) standard of living

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Definitions:

Management

The process of dealing with or controlling things or people within an organization.

Variable Costs

Costs that change in proportion to the level of activity or volume of goods produced in a business.

Fixed Costs

Costs that do not vary with the level of production or business activity, such as rent or salaries.

Profitability

A measure of the efficiency and effectiveness of a company in generating profits from its operations.