GDP is the total market value of all the final goods and services produced within a country's borders in a given time period, typically a year. It does not take into account exports and imports, national income and taxes, or purchasing power. Therefore, option C is the correct definition of GDP.

Solved

GDP Is Defined As

Question 26

Multiple Choice

GDP is defined as:

A) the value of a country's export minus its imports.
B) Great Domestic Product.
C) the market value of goods and services produced in a country in a year.
D) national income minus national taxes.
E) the gross purchasing power of domestic goods and services plus international income.

Correct Answer: