National Income 21. Gross domestic product is the value of all goods and service

Question

National Income 21. Gross domestic product is the value of all goods and services produced within an economy, including intermediate goods, goods produced by native born workers, and goods manufactured by US subsidiaries of foreign owned firms the market value of all final goods and services produced within the political boundaries of an economy within a particular time frame, generally one year or quarter the book value of all property, plant, and equipment; the market value of all consumption goods less government transfers; plus the imputed value of depreciation on current capital stock All of the above answers represent gross domestic product a. b. c. d. 22. True or False: Including the value of used goods that are resold would make GDP a more informative metric of economic well-being, as measured by income. a. True b. False 23. The participation of women in the U.S. labor force has risen dramatically since 1970. This change likely GDP in the U.S. a. Increases b. Has no impact on c. Decreases d. There is not enough information to answer the question

Explanation / Answer

Q21. Answer is b. The Market value of final goods and service produced within political boundaries of an economy within a particular time frame, generally on year or quarter. Q22. Answer is b. False. While computing GDP, the value of intermediate goods shall be deducted. Q23. Answer is a. Increases.

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