Question

question 1
1 pts
gdp is:
the sum of all currency and coins in circulation.
the value of all final goods and services produced by a government.
the value of all final good and services produced anywhere in the world by a nations firms.
the value of all final goods and services produced domestically.
question 2
1 pts
final goods or services used to compute gdp refer to:
the sum of all wages paid to laborers.
the factors of production used to produce output.
goods and services purchased by the ultimate users.
the value of outstanding shares of stock of manufacturing firms.

Explanation:

Question 1

To determine the correct definition of GDP (Gross Domestic Product), we analyze each option:

• The first option describes the money supply (currency in circulation), not GDP.
• The second option is incorrect as GDP includes production from all sectors (not just government) within a country's borders.
• The third option defines GNP (Gross National Product), which includes production by a nation’s firms anywhere in the world.
• The fourth option matches the definition of GDP: the value of all final goods and services produced within a country's domestic territory.

To identify the correct description of final goods/services for GDP calculation:

• The first option refers to labor income (part of factor payments, not final goods/services).
• The second option describes factors of production (inputs, not final goods/services).
• The third option is correct: Final goods/services are those purchased by ultimate users (consumers, businesses for investment, government, or exports) as they are not used further in production within the period.
• The fourth option refers to stock market values, unrelated to GDP’s final goods/services.

Answer:

D. the value of all final goods and services produced domestically. (Note: Assuming the options are labeled A - D in order, with the last option being D)

Question 2