The Output of U

question 95

Multiple Choice

The output of U.S.citizens who work in Canada would be included in the

• A)gross domestic product of Canada.
• B)gross national product of Canada.
• C)gross domestic product of the United States.
• D)gross national product of Canada and the gross national product of the United States.

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Definitions:

Accounting Equation

The fundamental equation of double-entry bookkeeping, reflecting that assets equal liabilities plus owner's equity.

Owner's Equity

Owner's equity represents the owner's stakes or claims against the assets of a business, equal to the total assets minus total liabilities.

Liabilities

Financial obligations or debts that a business or individual owes to others, which are expected to be settled over time through the transfer of economic benefits like cash or goods.

Assets

Resources owned or controlled by a business that are expected to benefit future operations.