GDP Is the Total

question 311

Multiple Choice

GDP is the total:

• A) value of all transactions in a year.
• B) value of all final goods and services produced in a year.
• C) value of all final goods and services produced by Canadians at home and abroad in a year.
• D) value of all goods produced in the economy in a year.

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Definitions:

Explicit Cost

Direct, out-of-pocket payments for goods or services used in the production of a product.

Migration

The movement of people from one geographical area to another, often for the purpose of settling temporarily or permanently.

Labor Migration

The movement of workers from one region or country to another in order to find employment or pursue better economic opportunities.

Migrant Workers

Individuals who move from one region or country to another to seek employment opportunities, often in temporary or seasonal jobs.