Gross domestic product is a measure of
A) an economy's total output.
B) household production.
C) the total weight of all goods produced.
D) production by owners of labor and capital only.

Question

Quizplus · Accepted Answer

Gross domestic product (GDP) measures an economy's total output, which includes the value of all goods and services produced within a country's borders in a given time period. Household production (B) is not included in GDP, as it is not a market transaction. The total weight of all goods (C) is not used as a measure of GDP, as it does not take into account the value of these goods. Production by owners of labor and capital only (D) would not accurately reflect an economy's total output, as it would exclude the value of goods and services produced by other types of businesses and industries.

Gross Domestic Product Is a Measure of