Question

GDP is the

Multiple Choice
a. monetary value of all final goods and services produced within the borders of a nation in a particular year.
b. monetary value of all economic resources used in producing a year's output.
c. national income minus all nonincome charges against output.
d. monetary value of all goods and services, final and intermediate, produced in a specific year.

Answer 1

A

Explanation:

GDP is the total monetary or market value of all finished and goods of the services produced within the country of the border in a specific period. As a wide measure of domestic production. It works as a broad score card of the country's economic health. GDP is always calculated based on annual income. It also calculated based on quarterly.

For example, the government releases an annualized GDP estimate for each quarter and also for the entire year. Most individuals' data set will also be given in real terms, that is data is adjusted for price changes and net of inflation.