The value of an economy's total output of goods and services is called
A)consumption.
B)gross national product.
C)gross domestic product.
D)net national product.

Question

Quizplus · Accepted Answer

Gross domestic product (GDP) represents the value of all goods and services produced within an economy in a given period of time, typically one year. It is often used as a measure of the economy's overall health and can be broken down into various components such as consumption, investment, government spending, and net exports. B) Gross national product (GNP) is similar to GDP but includes income from overseas investments and excludes income generated by foreign residents within the country. D) Net national product (NNP) is GNP minus depreciation of capital goods. A) Consumption refers to the purchase of goods and services by households.

The Value of an Economy's Total Output of Goods and Services