How are final goods and services valued when measuring nominal GDP?

at current market prices More test answers on https://studyhippo.com/foundations-of-macroeconomics-ch-5/

Economics is best defined as the study of how: A) to classify resources used to produce final goods and services B) resources are apportioned to satisfy human wants C) modern businesses have grown and prospered D) tech can be used to change scarce resources into free resources E) pure capitalism has become the best system for satisfying basic human wants.

B) resources are apportioned to satisfy human wants More test answers on https://studyhippo.com/econ-1-b-sjcc/

Choose the correct statement. A. When nominal GDP increases, real GDP decreases. B. Nominal GDP is the value of the final goods and services produced in a given year valued at the prices of that year. C. We measure the change in production by comparing nominal GDP in one year with nominal GDP in another year. D. Nominal GDP is just a more precise name for real GDP.

B. Nominal GDP is the value of the final goods and services produced in a given year valued at the prices of that year. More test answers on https://studyhippo.com/macroeconomics-2301-exam-1-practice/

the dollar value of all final goods and services and the most comprehensive measure of a country’s total production output is

d. gross domestic product (gdp) More test answers on https://studyhippo.com/economics-sem-1-3/

Explain why final goods and services are included in the calculation of GDP and intermediate goods are not.

Only final goods and services are counted to avoid the double-counting of goods and services in GDP. More test answers on https://studyhippo.com/econ-test-4-review/

The total quantity of an economy’s final goods and services demanded at different price levels is

the aggregate demand curve More test answers on https://studyhippo.com/econ-2035-ch-22/

Aggregate income earned is equal to the total amount paid for _____to produce final goods and services.

the factors of production used More test answers on https://studyhippo.com/chap-4-measuring-gdp-economic-growth-chap-5-monitoring-jobs-inflation/

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