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MGEA02H3 Lecture Notes - Lecture 6: Real Gross Domestic Product, Regular Measure, Negative Number

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School
UTSC
Department
Economics for Management Studies
Course
MGEA02H3
Professor
Jack Parkinson

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MGEA02H3 Full Course Notes
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Document Summary

Mgea02h3 lecture 6 elasticity and gross domestic product. Lecture 6 will cover chapter 6 of the microeconomics textbook and the supplement a document to be posted on blackboard. The gross domestic product, or gdp, is one of the primary indicators used to gauge the health of a country"s economy. It represents the total dollar value of all goods and services produced over a specific time period. You can think of it as the size of the economy and our national income. It is the total value of all final goods and services produced in the economy during a given year. These goods and services, as they are final ones, are those that are for end-use. In other words, those goods and services will not be used to produce anything else thereafter. Intermediate goods are not counted in this number, and so are the goods and services made outside of canada when measuring ours.

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Related Questions

Gross domestic product is calculated by summing up

A) the total quantity of goods and services in the economy.

B) the total quantity of goods and services produced in the economy during a period of time

C) the total market value of goods and services in the economy.

D) the total market value of final goods and services produced in the economy during a period of time

32) Which of the following best describes the term gross domestic product? a) total value of all goods and services produced within a given period by a national economy through domestic factors of production total quantity of goods and services produced by an economic system conditions of the economic system in which an organization operates total quantity and quality of goods and services that a country's citizens can purchase with the currency used in their economic system total value of all goods and services produced by a national economy within a given period regardless of where the factors of production are located

Gross domestic product calculations count only final goods and services because:

A) these are the only goods and services that are purchased in an economy.

B) counting all goods and services would lead to double-counting of many activities.

C) it is difficult to measure the prices of intermediate goods produced.

D) one cannot calculate the quantities of intermediate goods produced.