Question 1
The GDP of the U.S. in 2014 was around $17.4 trillion. This means
◦ that the value of output in the U.S. in 2014 was around $17.4 trillion.
◦ that total income in the U.S. in 2014 was around $17.4 trillion.
◦ that total spending on final goods and services in the U.S. in 2014 was around $17.4 trillion.
◦ All of these.
Question 2
The GDP includes
◦ the value of all intermediate goods and services.
◦ the value of all final goods and services.
◦ the value of both intermediate and final goods and services.
◦ the value of all transactions.