____ Refers to the Total Market Value of All Goods

question 96

Multiple Choice

____ refers to the total market value of all goods and services provided in a country's economy in a year by both residents and nonresidents of that country.

• A) Gross output
• B) Gross investment
• C) Gross national income
• D) Gross fixed capital formation
• E) Gross domestic product

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Definitions:

Pollution Abatement

Measures and efforts taken to reduce, control, or eliminate pollution from a particular source.

Negative Externalities

Costs that are suffered by a third party as a result of an economic transaction that they were not directly involved in.

Opt Out

The choice made by individuals to not participate in a program, activity, or to forego a service, often involving a default option or requirement.

High Costs

Refers to situations where the expenses associated with production, maintenance, or other operations are significantly above the average.