Two measures of the overall size of the economy include:

Question

Quizplus · Accepted Answer

GDP (Gross Domestic Product) and NI (National Income) are both measures of the overall size of the economy. GDP measures the total value of goods and services produced within a country's borders, while NI measures the total income earned by individuals and businesses within a country's borders. Both of these measures are important indicators of economic activity and can provide insights into the health of an economy. Choice A is incorrect as OMG is not a relevant measure of the overall size of the economy. Choice B is incorrect as MVP and NI are both measures of income, and MVP is not a commonly used economic indicator. Choice C is incorrect as MVP is not a comprehensive measure of economic activity and does not account for income earned by foreign entities operating within a country's borders.

Two Measures of the Overall Size of the Economy Include