Eco ch3

total monetary or market value of all the finished goods and services produced within a country’s borders in a specific time period.

• GDP

• GNP

• Nominal GDP

• Real GDP

GDP widely used measure to?

• the size of the economy of a nation.

• the comparative size and performance of

  economies.

• individual's standard within the country

• stock market performance,

The GDP’s output is domestic

• True

• False

product and represents the total value of goods and services produced by the residents of a country during a financial year.

• GDP

• GNP

• Real GDP

• Real GNP

GNP’s the output is domestic.

• True

• False

is important because it provides professionals, like economists and financialadvisers, with insights into the comparative size and performance of economies.

• GDP

• Real GDP

• GNP

• 'Real GNP

GDP often correlates with wages and employment rates, so if a GDP is decreeas, more people may be likely to find employment within an economy.

• True

• False

GDP also often correlates with stock market performance, which can affect the value of personal investments and corporate earnings.

• True

• False

There are three different ways that economists and statisticians can calculate a country’s GDP and they should all, theoretically, produce different same number

• ✅

• ❌

………is the income of all the individuals and businesses within the country

• growth rate

• expenditure approach

• production approach

• domestic income