Define and discuss GDP. What will be an ideal ...

[beccaep]

Define and discuss GDP.
 
  What will be an ideal response?

Question 2

Economic freedom provides the
 
  A) political system that encourages democracy.
  B) necessary alternative to free markets.
  C) social system that supports families.
  D) incentive system that encourages growth-producing activities.
  E) production system that discourages property rights.

[trog]

Answer to Question 1

GDP is the market value of all final goods and services produced within a country in a given time period. Only final goods and services are included. Goods produced as intermediate goods are excluded. The goods and services must be produced within the time period under consideration and so sales of used goods are excluded. The goods and services also are those produced within the country, so production by the country's firms that takes place in a foreign nation is not included.

Answer to Question 2

D

[beccaep]

YES! Correct, THANKS for helping me on my review

[Viet Thy]

Wow, this really help