The gross domestic product (GDP) concept accounts for society's valuation of the relative worth of goods and services by using:

Question

Quizplus · Accepted Answer

A monetary measure is the most appropriate choice because GDP measures the value or market price of all goods and services produced within a country's borders in a given time period (usually a year). This value or price is expressed in monetary terms, which allows for easy comparison and analysis. A physical weight or volume measure would not accurately capture the value of goods and services, as two items of the same weight or volume may have vastly different market values due to factors such as scarcity or demand. A utility measure would also not be appropriate, as utility is subjective and varies from person to person.

The Gross Domestic Product (GDP) Concept Accounts for Society's Valuation