The GDP of the U

question 130

Multiple Choice

The GDP of the U.S.in 2012 was around $15.9 trillion.This means

• A)that the value of output in the U.S.in 2012 was around $15.9 trillion.
• B)that total income in the U.S.in 2012 was around $15.9 trillion.
• C)that total spending on final goods and services in the U.S.in 2012 was around $15.9 trillion.
• D)all of the above

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Definitions:

Saudi Arabia

A sovereign country in the Middle East, known for its vast oil reserves, which play a central role in its economy, and as the birthplace of Islam.

Price Of Oil

The cost per barrel of crude oil, influenced by factors such as supply, demand, geopolitical tensions, and production decisions by OPEC and non-OPEC countries.

Fast Food Chains

A series of restaurants offering quick service and a menu of fast food cuisine spread across multiple locations.

Cartels

Associations of independent businesses or countries that work together to control prices and limit competition within an industry or commodity market.