GDP and its Factors

A decrease in both production and prices

A decrease in the prices of goods and services

An increase in the prices of goods and services

An increase in production of goods and services (correct)

$GDP = \Sigma (P_i \div Q_i)$

$GDP = \Sigma (P_i \times Q_i)$ (correct)

$GDP = \Sigma (P_i + Q_i)$

$GDP = \Sigma (P_i - Q_i)$

The change in GDP due to changes in taxes and government spending

The change in GDP due to changes in both prices and quantity produced (correct)

The change in GDP due to changes in quantity produced only

The change in GDP due to changes in prices only

<p>The Expenditures Approach</p> Signup and view all the answers

<p>Bureau of Economic Analysis</p> Signup and view all the answers

<p>Nominal GDP includes inflation, while Real GDP adjusts for inflation</p> Signup and view all the answers

<p>To measure the economy's overall performance</p> Signup and view all the answers

<p>The Information &amp; eGovernment</p> Signup and view all the answers