Gross domestic product:
A) is the total market value of goods, but not services, produced in a year.
B) is an excellent basis for comparing consumer well-being across different cultures and economies.
C) is a widely used measure of income for different countries.
D) is the total market value of services, but not goods, produced in a year.
E) All of these alternatives are true.

Question

Quizplus · Accepted Answer

Gross domestic product (GDP) is a widely used measure of income for different countries. It is the total market value of all final goods and services produced within a country in a given period of time. Option A and D are incorrect as GDP considers both goods and services. Option B is incorrect as GDP alone is not a sufficient measure of consumer well-being as it does not take into account income inequality, environmental sustainability, and other factors. Option E is incorrect as option A and D are false.

Gross Domestic Product