Gross domestic product (GDP) is the
A) total value of the outputs minus inputs of goods and services produced in a country during a year.
B) total value of exports of goods and services produced in a country during a year.
C) total value of outputs of goods and services produced in a country during a year.
D) total value of human capital development in a country during a year.
E) total value of investments made in domestic and foreign sources of revenue during a year.

Question

Quizplus · Accepted Answer

GDP is the total value of all final goods and services produced in a country during a specified period of time (usually a year). It does not include inputs, imports, or intermediate goods. Therefore, option C is the correct definition of GDP.

Gross Domestic Product (GDP) Is the