Almost every discussion about a country's economy is based on gross domestic product.GDP is the:
A)total output of goods and services in a given period divided by the total hours of labour required to provide them
B)amount of goods and services people can buy with the money they have
C)general well-being of a society in terms of political freedom
D)total value of goods and services produced in a country in a given year

Question

Quizplus · Accepted Answer

GDP is the total value of goods and services produced in a country in a given year. It is used as a measure of a country's economic performance and to compare the economic growth of different countries. Option A is incorrect because GDP is not divided by the total hours of labour required to provide goods and services. Option B is incorrect because while GDP is related to the amount of goods and services people can buy, it is not the same as the amount of goods and services people can buy with the money they have. Option C is incorrect because GDP is not a measure of society's political freedom or general well-being.

Almost Every Discussion About a Country's Economy Is Based on Gross