GDP may be defined as:
A)the monetary value of all goods and services (final, intermediate, and non-market) produced in a given year.
B)total resource income less taxes, saving, and spending on exports.
C)the economic value of all economic resources used in the production of a year's output.
D)the market value of all final goods and services produced within country in a specific year.

Question

Quizplus · Accepted Answer

GDP is defined as the market value of all final goods and services produced within a country in a specific year. This definition excludes intermediate goods (goods used in the production of other goods) and non-market goods (such as household work).

GDP May Be Defined As