____ refers to the total market value of all goods and services provided in a country's economy in a year by both residents and nonresidents of that country.
A) Gross output
B) Gross investment
C) Gross national income
D) Gross fixed capital formation
E) Gross domestic product

Question

Quizplus · Accepted Answer

Gross domestic product (GDP) is the total market value of all goods and services provided in a country's economy in a year by both residents and nonresidents of that country. The other options listed (gross output, gross investment, gross national income, and gross fixed capital formation) all refer to specific components of GDP, but not the overall measure of economic activity.

____ Refers to the Total Market Value of All Goods