What is the best measure of the value of output of an economy?

Question

Quizplus · Accepted Answer

GDP (Gross Domestic Product) is the best measure of the value of output of an economy. This is because GDP is a comprehensive measure of the market value of all final goods and services produced within a country's borders over a specific period of time (usually a year). GDP includes all production that occurs within the country's borders, regardless of the nationality of the workers or the ownership of the production facilities. This measure takes into account consumption, investment, government spending, and net exports, making it a more complete and accurate measure of an economy's output than other measures such as GNP or NNP. The GDP deflator is a measure of the inflation rate based on changes in prices of all goods and services included in GDP, and is not a direct measure of the value of output.

What Is the Best Measure of the Value of Output