The total market value of all final goods and services produced within a given period by factors of production located within a country is
A) gross domestic product.
B) gross national product.
C) net national product.
D) net national income.

Question

Quizplus · Accepted Answer

Gross domestic product (GDP) measures the market value of all final goods and services produced within a country's borders in a specific time period, typically a year. It includes all production by factors of production, both domestic and foreign, located within the country. Gross national product (GNP) includes the value of all final goods and services produced by citizens and corporations of a country, regardless of where they are located in the world. Net national product (NNP) subtracts depreciation from the GNP to reflect the loss of value of capital goods, while net national income (NNI) adds factors such as rental income and subtracts factors such as indirect taxes.

The Total Market Value of All Final Goods and Services