In the definition of GDP, ʺmarket valueʺ refers to

Question

Quizplus · Accepted Answer

In the definition of GDP, "market value" refers to valuing production according to the market price. This means that GDP is calculated by using the prices of goods and services that are sold in the market, rather than by counting the number of production units. For example, if a car company produces 100 cars, but only 80 are sold at the market price, the value of GDP will only include the market value of those 80 cars.

In the Definition of GDP, ʺMarket Valueʺ Refers to