GDP Often Is Used as a "Measure" of Economic Welfare;

question 11

True/False

GDP often is used as a "measure" of economic welfare; it includes all factors that contribute to economic well-being.

---

Definitions:

Consolidated Financial Statements

Financial reports that aggregate the financial position, results of operations, and cash flows of a parent company and its subsidiaries.

Elimination Entry

An accounting entry made in preparing consolidated financial statements to remove the effects of intercompany transactions.

Dividends

Payments made by a corporation to its shareholder members, usually derived from the company's profits.

Gross Margin

A financial metric indicating the difference between revenue and the cost of goods sold, divided by revenue, often expressed as a percentage.