If the value of intermediate goods were used to calculate GDP instead of final goods, then GDP would be

🎲 Try a Random Question  |  Total Questions in Quiz: 49  |  🧠 Study this quiz with Flashcards
This question is part of a full practice quiz:
Economics 101 Practice Test: Measuring a Nation's Income — practice the complete quiz, review flashcards, or try a random question.

There are several ways to measure a nation's income, including: Gross domestic product (GDP): A measure of the monetary value of final goods and services produced in a country over a given period of time. GDP is the most commonly used measure of a nation's income. However, it has some limitations, such as not accounting for the costs to human health and the environment from the production and consumption of the nation's output. Gross national income (GNI): A statistic that measures the total value added claimed by residents of a country over a period of time. GNI is made up of GDP plus net... Show more

If the value of intermediate goods were used to calculate GDP instead of final goods, then GDP would be