Gross Domestic Product Is Calculated by Summing Up

question 205

Multiple Choice

Gross domestic product is calculated by summing up

• A)the total quantity of goods and services in the economy.
• B)the total quantity of goods and services produced in the economy during a period of time.
• C)the total market value of goods and services in the economy.
• D)the total market value of final goods and services produced in the economy during a period of time.

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Definitions:

Clearing

The process of reconciling purchases and sales of various securities, commodities, or currencies and ensuring the correct transfer of funds.

Collection Float

The time period between when a check is deposited into a bank account and the funds become available.

Ledger Balance

represents the total balance in a general ledger account at the beginning of each day, including all transactions that have been posted.

Available Balance

The amount of funds in an account that is accessible for withdrawal or use, taking into account any holds or pending transactions.