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GDP and Income

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Quizzes in GDP and Income for SSC

U.S. Economy

Which choice correctly explains GDP and Income in New York State?

  • A seasonally adjusted annual rate scales a quarter’s pace to an annual rate rather than reporting literal one-quarter production.
  • GDP per resident is not equivalent to average wages, household income, or personal income.
  • BEA state GDP data are subject to revision when newer source data become available.
  • State GDP rankings should compare the same year, same metric, and same data release.
Correct answer(s):
  • GDP per resident is not equivalent to average wages, household income, or personal income.
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