Gross domestic product is the value of production that takes place within a nation's border, without regard to whether the production is done by domestic or foreign factors of production.

Question

Quizplus · Accepted Answer

Gross domestic product (GDP) is indeed the total value of all goods and services produced within a country's borders, regardless of the ownership of the factors of production that were used to produce them. This includes goods and services produced by both domestic and foreign enterprises operating within the country.

Gross Domestic Product Is the Value of Production That Takes