Which of the following best describes gross domestic product?
A)It is a measure of personal income.
B)It is the cost of producing a certain number of outputs produced in an economy.
C)It is the output produced by an employee in contrast to the input used by him.
D)It is the total output of an economy.
E)It is the total input used by an economy to produce a definite output.

Question

Quizplus · Accepted Answer

Any consideration of where to locate production is based on the data on comparative productivity and unit labor costs. One indicator of productivity is gross domestic product (or total output of the economy)per person.

Which of the Following Best Describes Gross Domestic Product