Answer to Question #205363 in Economics for Reggi

Question

Which of the following statement(s) concerning GDP is/are correct?

(a) GDP excludes the value of goods and services produced within the boundaries of a

country.

(b) GDP is the total value of all final goods and services produced within the borders of a

country during a certain period.

(c) The value of imported goods is included in GDP.

(d) The value of imported goods is excluded when measuring GDP.

[1] a

[2] a b d

[3] b d

[4] a c

Answer 1

The following statements concerning GDP are correct:

(b) GDP is the total value of all final goods and services produced within the borders of a

country during a certain period;

(d) The value of imported goods is excluded when measuring GDP.

Therefore, the correct answer is [3] b d.