Gross domestic product is a measure of
A)the size of the largest industry in an economy.
B)the money value of all final goods and services produced in a year by the economy.
C)the volume of goods and services, which involved in international trade.
D)the goods and services produced strictly by corporations.
E)the nonmarket production of goods and services.

Question

Quizplus · Accepted Answer

Gross domestic product (GDP) is the market value of all final goods and services produced within a country in a given period of time, usually a year. It includes goods and services produced by all types of entities, including corporations, households, and governments. GDP is widely used as a measure of the size and health of an economy, as it represents the total output of an economy. Therefore, the correct choice is B.

Gross Domestic Product Is a Measure of