Question

According to GASB, what are measures?

1) The quantity of a service provided
2) The quantity of a service that meets a certain quality requirement
3) The extent to which results are achieved
4) The extent to which needs are met

Answer 1

According to GASB, measures refer to the ways in which Gross Domestic Product (GDP) can be evaluated, either by what is produced or by what is purchased.

Step-by-step explanation:

GASB, which stands for Governmental Accounting Standards Board, measures referred to in this context are related to the measurement of Gross Domestic Product (GDP), which is used to determine the size of a nation's economy. According to GASB, GDP can be measured in two ways: by what is produced or by what is purchased. When measuring GDP by what is produced, it means evaluating the total value of all goods and services produced within a country in a year. This includes durable goods, non-durable goods, services, structures, and the change in inventories.