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20. GDP is: A) the total dollar value of intermediate goods and services produced in the economy in a given period. B) the total dollar
20. GDP is: A) the total dollar value of intermediate goods and services produced in the economy in a given period. B) the total dollar value of wages paid to producing workers in a given period. C) the total dollar value of final goods and services produced in the economy in a given period. D) the total dollar value of government production in a given period. 21. An intermediate good would be: A) a new boat purchased by a professor to be used on vacation. B) lumber used to build a house. C) payments to military personnel. D) a professor's salary. 22. An example of an intermediate good is: A) wages paid to an employee. B) steel purchased by aircraft manufacturers. C) vegetables purchased for your dinner. D) electric bills for the office.23. Real GDP is nominal GDP adjusted for: A) double counting. B) changes in prices. C) population. D) imports
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