Which of the following best defines the term gross domestic product?

Question

Quizplus · Accepted Answer

Gross domestic product (GDP) is the total value of all goods and services produced within a country's borders during a specific time period, typically a year or a quarter. It measures the output of the goods and services produced by labor.

Option A is incorrect because average standard of living is a measure of the quality of life in a country, not a measure of economic output.

Option B is incorrect because it defines the inflation rate, not GDP.

Option D is incorrect because it is a measure of unemployment, not the total output of goods and services.

Which of the Following Best Defines the Term Gross Domestic