True or false: gross domestic product (gdp) cannot be used to measure the economy’s income.

True or False: Gross domestic product (GDP) cannot be used to measure the economy’s income.

Answer

False,Gross domestic product (GDP) is a monetary measure of the value of all final goods and services produced in a period (quarterly or yearly). GDP is a measure of the total income of everyone in the economy AND the total expenditure on the economy’s output of goods and services. In an economy as a whole, income must equal expenditure.

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