Describe the following term: "GDP". It relates to: a. One Component of Income. b. Inflation. c....

Question:

Describe the following term: "GDP". It relates to:

a. One Component of Income.

b. Inflation.

c. Price Level.

d. Income.

e. None of the above

GDP:

GDP, or gross domestic product, is one of the most commonly used economic variables to assess the health of the economy, even though it was created by the American economist Simon Kuznets who warned against overusing GDP.

Answer and Explanation:

Describe the following term: "GDP". It relates to:

a. One Component of Income.

b. Inflation.

c. Price Level.

d. Income. {eq}\checkmark {/eq}

e. None of the above

GDP is a method of national income accounting.


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Gross Domestic Product: Definition and Components

from Economics 102: Macroeconomics

Chapter 4 / Lesson 3
65K

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