GDP stands for Gross Domestic Product, which is the market value of all final goods and services produced within a country in a given period of time, usually a year. This definition excludes intermediate goods and services, as well as non-market transactions such as barter and household production. Therefore, option A is the correct answer. Options B, C, D, and E are incorrect.

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GDP Is

Question 56

Multiple Choice

GDP is

A) the market value of an economy's production of final goods and services.
B) the sum of coins,bills,and demand deposits in an economy.
C) the total expenditures of the federal government over the period of 1 year.
D) the market value of an economy's production of intermediate goods and services.
E) the total amount the government owes to bondholders.

Correct Answer: