In a Closed Economy,GDP Is All of the Following Except

question 68

Multiple Choice

In a closed economy,GDP is all of the following except the total:

• A) expenditure of everyone in the economy.
• B) income of everyone in the economy.
• C) expenditure on the economy's output of goods and services.
• D) output of the economy.

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Definitions:

Interest

A charge for borrowed money, generally a percentage of the amount lent.

Inflation Rate

The speed at which overall prices for goods and services increase, leading to a decrease in purchasing power.

Hourly Rate

The amount of money paid for one hour of work.

Equivalent

An item that holds the same worth, purpose, or significance as another within a given context.