Which of the following best describes a nation's Gross Domestic Product?

Question

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Gross Domestic Product (GDP) is the total market value of all final goods and services produced within a country's borders during a specified period of time (usually a year). It only includes final goods and services, which are those that are intended for final consumption and not for further production. Intermediate goods, which are used in the production of final goods, are not included in GDP to avoid double-counting. Depreciation is also not subtracted from GDP because it is already taken into account through the value of final goods and services.

Which of the Following Best Describes a Nation's Gross Domestic