Suppose the total value of all assets in the Country X is $10 trillion. In 2013, the total value of all final services produced in Country X was $150 billion, the total value of all final goods produced in County X was $350 billion, and the total value of all final goods and services produced by County X's firms in other countries was $100 billion. In this situation, CountryX's Gross Domestic Product for 2013 was
A) $600 billion.
B) $510 billion.
C) $500 billion.
D) $10.5 trillion.

Question

Quizplus · Accepted Answer

Gross Domestic Product (GDP) is the total value of all final goods and services produced in a country in a given time period. We can calculate Country X's GDP for 2013 by adding up the total value of final goods and services produced within the country's borders:

GDP = Value of all final goods produced + Value of all final services produced + Value of all final goods and services produced abroad

GDP = $350 billion + $150 billion + $100 billion
GDP = $500 billion

Therefore, the correct answer is C) $500 billion.

Suppose the Total Value of All Assets in the Country