Suppose the total value of all assets in Canada is $10 billion.In 1993,the total value of all final services produced in Canada was $100 million,the total value of all final goods produced in Canada was $300 million,and the total value of all final goods and services produced by Canadian firms in other countries was $100 million.In this situation,gross domestic product for 1993 was
A)$600 million.
B)$500 million.
C)$400 million.
D)$10.4 billion.

Question

Quizplus · Accepted Answer

Gross Domestic Product (GDP) measures the value of all final goods and services produced within a country's borders in a specific time period. In this case, it includes the total value of all final services ($100 million) and all final goods ($300 million) produced in Canada, totaling $400 million. The production by Canadian firms in other countries ($100 million) is not included in Canada's GDP.

Suppose the Total Value of All Assets in Canada Is