Gross domestic product

Question

Quizplus · Accepted Answer

Gross domestic product (GDP) measures the value of the aggregate production of goods and services in a country during a given time period, typically a year. It is a measure of the size of an economy and is often used as a proxy for a country's standard of living. Option A is incorrect because GDP includes both goods and services produced in an economy. Option C is incorrect because federal expenditure may be greater or less than GDP in any time period. Option D is incorrect because GDP measures the value of all production in an economy, not just labor payments.

Gross Domestic Product