Asked by Janysh Kudaibergenov on May 13, 2024
Verified
Gross Domestic Product is a measure of the
A) total market value of all sales in the economy during a period of time.
B) total market value of all goods and services produced in the economy during a period of time.
C) total market value of all final goods and services produced in the economy during a period of time.
D) total market value of all private goods and services produced in the economy during a period of time.
Gross Domestic Product
The sum of the economic value of every product and service generated inside a nation's boundaries over a particular time frame.
Final Goods And Services
Products that have been processed to their final form and are available for consumption or investment without further modification.
- Identify the differences between ultimate goods and services versus intermediate goods to eliminate overestimation in Gross Domestic Product calculation.
Verified Answer
SA
Safia AfrozMay 18, 2024
Final Answer :
C
Explanation :
Gross Domestic Product (GDP) is defined as the total market value of all final goods and services produced within a country in a specific period of time. It includes only final goods to avoid double counting, as intermediate goods are already accounted for in the value of the final goods.
Learning Objectives
- Identify the differences between ultimate goods and services versus intermediate goods to eliminate overestimation in Gross Domestic Product calculation.