Suppose the total monetary value of all final goods and services produced in a particular country in 2010 is $500 billion and the total monetary value of final goods and services sold is $450 billion.We can conclude that:

Question

Quizplus · Accepted Answer

GDP (gross domestic product) measures the total monetary value of goods and services produced within a country's borders during a specific time period. In this case, the total monetary value of all final goods and services produced in the country is given as $500 billion, which is the definition of GDP. The total monetary value of final goods and services sold is not necessarily equal to GDP as it does not take into account changes in inventories or any international trade. Therefore, the correct answer is choice C.

Suppose the Total Monetary Value of All Final Goods and Services