Suppose that in 2018, the total value of all final services produced in a nation was $300 billion; the total value of all final goods produced in that nation was $400 billion; and the total value of all final goods and services produced by that nation's firms in other countries was $300 billion. Gross domestic product (GDP) was
A) $700 billion.
B) $500 billion.
C) $900 billion.
D) $800 billion.

Question

Quizplus · Accepted Answer

GDP is the total value of all final goods and services produced within a country's borders in a given period of time. In this case, the total value of all final goods and services produced in the nation in 2018 was $700 billion ($300 billion + $400 billion).

Suppose That in 2018, the Total Value of All Final