Gross Domestic Product Measures the Output Produced by ____________________ Using

question 94

Multiple Choice

Gross domestic product measures the output produced by ____________________ using resources in this country,while gross national product measures output produced by resources supplied by ______________.

• A) foreign citizens only;U.S.citizens
• B) U.S.citizens only;foreign citizens
• C) U.S.or foreign citizens;foreign citizens
• D) U.S.or foreign citizens;U.S.citizens

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Definitions:

Contra-Asset Account

An account that offsets or reduces the balance of its related asset account, such as accumulated depreciation reducing the carrying value of fixed assets.

Liability Account

An accounting record that represents a company's legal debts or obligations that arise during business operations.

Cash Basis

An accounting method where revenue and expenses are recognized only when cash is exchanged.

Accounts Receivable

Funds that customers owe to a business for products or services they have received but have not yet paid for.