A measure of the output of goods and services in an economy is called:
A) output
B) money supply
C) gross domestic product
D) velocity

Question

Quizplus · Accepted Answer

Gross domestic product (GDP) is the measure of the output of goods and services produced by a country's economy. Option A is too broad and does not specifically refer to the measure of output. Option B refers to the amount of money circulating in the economy, which is not necessarily a measure of output. Option D refers to the speed at which money changes hands, which is not a measure of output either.

A Measure of the Output of Goods and Services in an Economy