The Value of a Country's Final Goods and Services After

question 62

Multiple Choice

The value of a country's final goods and services after adjusting for changes due to inflation is called its _____.

• A)real GDP
• B)nominal GDP
• C)disposable income
• D)net national product
• E)full employment output

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Definitions:

Merchandise Inventory

Goods or stock held by a business for the purpose of resale to customers.

Purchase Discounts

Reductions in price given by suppliers for early payment or bulk purchasing.

Controlling Account

A general ledger account that summarizes the total balances of several subsidiary accounts.

Accounts Payable

Liabilities to suppliers or creditors for items or services purchased on credit.