What data are used to calculate GDP?
A) quantities of goods
B) prices of goods
C) both quantities and prices of goods
D) costs of producing goods

Question

Quizplus · Accepted Answer

GDP is calculated by multiplying the quantities of goods and services produced by their respective market prices. Therefore, both quantities and prices of goods and services are used to calculate GDP. Costs of producing goods, while important for individual businesses, are not used in the calculation of GDP.

What Data Are Used to Calculate GDP