To Measure GDP Using the Production Approach, It Is Necessary

question 9

True/False

To measure GDP using the production approach, it is necessary to add up the total value of the new goods and services produced in the economy for the given time period.

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Definitions:

Physical Nature

The intrinsic physical characteristics and properties of an object or person.

Specific Performance

A legal remedy in which a court orders the party at fault to fulfill their obligations under a contract, rather than providing monetary compensation.

Substitute Goods

Products or services that can be used in place of each other; availability of one affects the demand for another.

Uniform Commercial Code

A full array of legal rules managing all trade interactions in the United States.