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 defined as the sum of money values of all final output produced in the domestic economy within a year. It measures the total output or production of goods and services in a country's economy over a given period of time, typically one year. It is used as a primary indicator of a country's economic performance and is commonly used to compare the economic output of different countries. Options A and B are incorrect because GDP does not take into account non-monetary factors such as leisure, social welfare, and distribution of income. Option D is incorrect because GDP does not subtract environmental damage from national output.

Gross Domestic Product Is Best Described as the