What data are needed to calculate a Florida industry’s share of state GDP? » HSC U.S. Economy MCQ » MCQ Academy

U.S. Economy

What data are needed to calculate a Florida industry’s share of state GDP?

Only the number of visitors to that industry
Only total household savings
Only the number of businesses
Its value added and a compatible total GDP figure

Only the number of visitors to that industry
Only total household savings
Only the number of businesses
Its value added and a compatible total GDP figure

Note

Its value added and a compatible total GDP figure is correct. An industry GDP share should be calculated using industry value added and compatible total GDP data.

Nominal and real GDP use different price concepts; never compare them as though identical.

Tags: Florida Economy, Florida Facts

Note

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