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Topic 4 Material Quiz

Topic 4 Material Quiz

Q Question 1 10 / 10 pts What is the definition of Gross Domestic Product (GDP)?Question 2 10 / 10 pts By far the Largest percentage of US GDP on the Production side (over the last 50 years) was Question 3 10 / 10 pts When we take the Value of all final goods produced during a given time period and adjust them based on Prices existing in a selected Base Year--we are calculating.... Question 4 10 / 10 pts Sally was staying at home full time looking after her children. If Sally starts a new job, and now puts her 3 kids into private daycare, what does this do to GDP? Question 5 10 / 10 pts Does GDP measure secondhand transactions? Why or Why not?

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1.It is the Market value of all Final goods and services produced in a Nation during a Period of Time, usually a year 2.Services 3.Real GDP 4.GDP increases 5.No--Including these items would be double counting as they were counted in GDP in the year when they were new