The market value of all final goods and services produced within an economy in a given period is called:
A) industrial production.
B) gross domestic product.
C) the GDP deflator.
D) general durable purchases.

Question

Quizplus · Accepted Answer

The market value of all final goods and services produced within an economy in a given period is defined as Gross Domestic Product (GDP). Choice A, industrial production, only includes the production of goods, whereas GDP includes both goods and services. The GDP deflator (C) is a measure of the inflation level and general durable purchases (D) only includes the purchases of durable goods.

The Market Value of All Final Goods and Services Produced