The total market value of all final goods and services produced within a country's borders each year is referred to as gross domestic product (GDP).

Question

Quizplus · Accepted Answer

This is a true statement. GDP is a commonly used measure of a country's economic performance and is calculated by adding up the values of all final goods and services produced within a country's borders in a given time period (usually a year).

The Total Market Value of All Final Goods and Services