Gross domestic product is best described as the
A)measure of a nation's total economic welfare.
B)national income, including nonmarket income.
C)sum of money values of all final output produced in the domestic economy within the year.
D)national output minus environmental damage.

Question

Quizplus · Accepted Answer

Gross domestic product (GDP) is the sum of money values of all final output produced in the domestic economy within a given year. It is a measure of the size and growth of the economy. GDP does not take into account nonmarket income or environmental damage, and it is not a measure of a nation's total economic welfare.

Gross Domestic Product Is Best Described as the