Suppose the Total Market Value of All Final Goods and Services

question 37

Multiple Choice

Suppose the total market value of all final goods and services produced in economy X this year is $4 million.Of the $4 million worth of goods and services,$3 million is sold and $1 million is held in inventory.For this year,the GDP for economy X is

• A) $4 million.
• B) $3 million.
• C) $1 million.
• D) $7 million.
• E) none of the above

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Definitions:

Abrasion

The mechanical wearing away of rock surfaces by contact with sand and other solid rock particles transported by running water, waves, wind, ice, or gravity.

Transportation

In geology, the movement of sediments from one location to another by water, wind, or ice.

Pebble's Particle Size

The measure of the grain size of pebbles, generally used in geology to classify sediment grains between 2 and 64 millimeters in diameter.

Increases

An upward trend or a rise in quantity, size, number, or degree in a measurable process or variable.