GDP is:
A)the value of all final goods and services produced domestically within a given period of time.
B)the value of all final good and services produced anywhere in the world by a nation's firms within a given period of time.
C)the value of all final goods and services produced by a government within a given period of time.
D)the sum of all currency and coins in circulation.

Question

GDP is:
A)​the value of all final goods and services produced domestically within a given period of time.
B)​the value of all final good and services produced anywhere in the world by a nation's firms within a given period of time.
C)​the value of all final goods and services produced by a government within a given period of time.
D)​the sum of all currency and coins in circulation.

Quizplus · Accepted Answer

GDP, or Gross Domestic Product, measures the total value of all final goods and services produced within a country's borders during a specific time period, usually a year. This definition is best represented by choice A. Choices B, C, and D are incorrect as they do not accurately represent the definition of GDP.

GDP Is