Questions: Kim Exactly. And now you know what all those things mean! We say that GDP is measured in "market value," meaning that it's measured in what? Dollars Units of output Submit

Kim
Exactly. And now you know what all those things mean! We say that GDP is measured in "market value," meaning that it's measured in what?

Dollars
Units of output
Submit
Transcript text: Kim Exactly. And now you know what all those things mean! We say that GDP is measured in "market value," meaning that it's measured in what? Dollars Units of output Submit
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Solution

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The answer is: Dollars.

Explanation: GDP, or Gross Domestic Product, is a measure of the economic performance of a country. It represents the total market value of all final goods and services produced within a country in a given period. When we say that GDP is measured in "market value," we are referring to the monetary value of these goods and services.

  1. Dollars: This is the correct answer. GDP is typically expressed in terms of the currency of the country being measured. For example, in the United States, GDP is measured in U.S. dollars. This allows for a standardized way to compare the economic output of different countries or regions.

  2. Units of output: This is incorrect. While units of output can be used to measure the quantity of goods and services produced, GDP specifically refers to the market value, which is a monetary measure. Measuring GDP in units of output would not account for the varying prices of different goods and services, which is essential for understanding the overall economic value.

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