The government of Wrexington,a country which has adopted American GDP accounting conventions,reported that GDP in quarter 3 was $12 billion at an annual rate.This means that the market value of all final goods and services produced within Wrexington in quarter 3 was

Question

Quizplus · Accepted Answer

In American GDP accounting conventions, when GDP is reported at an annual rate, it means the quarterly GDP is multiplied by four to project an annual figure. Therefore, the actual GDP for quarter 3 is $12 billion divided by 4, which is $3 billion.

The Government of Wrexington,a Country Which Has Adopted American GDP