Gross domestic product refers to
A) the monetary value of all goods and services produced by a single manufacturer during one year.
B) the monetary value of all domestic exports of a nation during one year.
C) the monetary value of all goods and services produced in a country during one year.
D) the monetary value of all domestic imports of a nation during one year.
E) the difference between all domestic exports and imports for any nation during the course of one fiscal year.

Question

Quizplus · Accepted Answer

Gross domestic product (GDP) is a measure of the monetary value of all goods and services produced within a country's borders in a specific time period, usually a year. It includes the output of all individuals, businesses, and government entities within that country. Option A refers to the output of a single manufacturer, which is not representative of the entire economy. Option B and D only consider exports and imports respectively, and do not reflect the overall economic activity of the country. Option E describes the balance of trade, not GDP.

Gross Domestic Product Refers to