The total market value of all goods and services produced by everyone in a particular country during a given year is the ______.

Question

Quizplus · Accepted Answer

The definition provided matches the description of gross domestic product (GDP). GDP is a measure of the total value of goods and services produced within a country's borders during a specific period of time, typically a year. Option A, gross national product (GNP), measures the total economic output of a country's citizens, regardless of their location. Option B, overall consumption index, is not a commonly used economic term. Option C, overall production index, is not a commonly used economic term. Option E, gross consumption product, is not a commonly used economic term.

The Total Market Value of All Goods and Services Produced