Which of the Following Is Included in Both the U

question 2

Multiple Choice

Which of the following is included in both the U.S. GDP and GNP?

• A) The value of all cars produced by Ford in Mexico.
• B) The value of all cars produced by General Motors in the U.S.
• C) The value of all cars produced by Toyota in the U.S.
• D) The value of cars produced by Nissan in Japan and the U.S.

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Definitions:

Homogeneous Products

Undifferentiated outputs; products that are identical to or indistinguishable from one another.

Price Takers

Market participants who accept the prevailing market price without having the influence to change it due to their relatively small size in the market.

Loss-minimizing

A strategy employed by businesses to reduce the amount of financial losses incurred during unfavorable market conditions or through poor operational decisions.

Units of Output

The quantity of product produced, serving as a measure of a firm's or industry's total production.