GDP (Gross Domestic Product) is the total monetary value of all final goods and services produced within a country's borders in a given period of time (usually a year). It only includes the monetary value of final goods and services, not intermediate goods or inputs.

Solved

GDP Is

Question 61

Multiple Choice

GDP is

A) the sum of all monetary transactions which occur in the economy in a given year.
B) the sum of all monetary transactions involving final goods and services which occur in the economy in a given year.
C) the amount of production which occurs when the economy is operating at full employment.
D) None of the choices are true of GDP.

Correct Answer: