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

Question

Quizplus · Accepted Answer

The GDP is reported at an annual rate, meaning the $12 billion figure represents the total for the entire year if the quarterly rate continued for four quarters. Therefore, the GDP for just quarter 3 would be $12 billion divided by 4, which is $3 billion.

The Government of a Country, Which Has Adopted American GDP