The definition of Gross Domestic Product is
A)the total value of all sales in the economy.
B)the total value of production in the domestic economy plus the production of domestic firms in foreign countries.
C)the total value of all sales of final and intermediate goods in the domestic economy.
D)the total of the money values of all final goods and services produced in the domestic economy within a specific time period.

Question

Quizplus · Accepted Answer

Gross Domestic Product (GDP) is the total of the money values of all final goods and services produced in the domestic economy within a specific time period. It measures the market value of all final goods and services produced in a country during a given period of time, usually a year. Final goods and services are those that are consumed or used for investment during the period considered. Intermediate goods, which are used to produce other goods, are not included in GDP to avoid double-counting.

The Definition of Gross Domestic Product Is