Econ 103 Test Questions and Answers 100% accurate
The most commonly used metric for measuring the value of a national economy is: A. gross national income, or GNI B. gross national product, or GNP. C. gross domestic product, or GDP. D. gross domestic income, or GDI. - ANSWER-C. Gross domestic product, or GDP 3. Gross domestic product is the sum of: A. the market values of all final goods and services produced within a country in a given period of time. B. the market values of all intermediate goods and services produced within a country in a given period of time. C. all final goods and services produced by a country's citizens in a given period of time. D. the market values of all final goods and services produced by a country's citizens in a given period of time. - ANSWER-A. The market values of all final goods and services produced within a country in a given period of time 4. GDP uses the market value of goods and services because it: A. provides the opportunity to compare lists of outputs to see who produced more. B. provides a common valuation that allows us to compare one economy to another. C. is the only data that can be gathered about goods and services. D. markets are the only way to value goods and service - ANSWER-B. Provides a common valuation that allows us to compare one economy to another
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