Suppose the total monetary value of all final goods and services produced in a particular country in 2010 is $500 billion and the total monetary value of final goods and services sold is $450 billion. We can conclude that:

A. GDP in 2010 is $450 billion

B. NDP in 2010 is $450 billion.

C. GDP in 2010 is $500 billion.

D. inventories in 2010 fell by $50 billion.

Question

Business

Cassidy Burch

30 July, 10:02

Suppose the total monetary value of all final goods and services produced in a particular country in 2010 is $500 billion and the total monetary value of final goods and services sold is $450 billion. We can conclude that:

A. GDP in 2010 is $450 billion

B. NDP in 2010 is $450 billion.

C. GDP in 2010 is $500 billion.

D. inventories in 2010 fell by $50 billion.

+2

Answers (2)

Know the Answer?

Hurst · Answer 1

C. GDP in 2010 is $500 billion.

Explanation:

GDP

The Gross Domestic Produce as been defined as the market value of final goods and services produced within the country at a particular period, usually a year. Unlike Gross National Produce, GDP is earned domestically rather than abroad (hence the appellate, domestic). Thus, when GNP exceeds GDP, residents of the country are earning more abroad than foreigners earning in the country. So the total value of all final goods produced in this case is $500 billion, hence we can conclude that GDP for the year is $500 billion.

Zachary Massey · Answer 2

C

Explanation:

The GDP can be defined as the monetary value of all the goods and services produced in a country for a particular period of time. From the question, it is clearly stated that the total monetary value of all the goods and services produced in a country is $500 billion, this means the GDP for that particular year running is $500 billion