Question

Which phrase defines gross domestic product (GDP)?

A.
the difference of expenditures made importing goods and income earned from exporting goods
B. the total monetary value of all the finished goods and services produced in a country in a given period
the economic value of the professional skills and knowledge used in the production of goods and services
D. the total investments made for the manufacture of domestic products and services in one year

Answer 1

Answer: B. the total monetary value of all the finished goods and services produced in a country in a given period

Step-by-step explanation:

The Gross Domestic Product (GDP) is the total monetary value of the production of goods and services of final demand of a country or region during a given period, which can be taken per year or quarterly.

It should be noted that the calculation of this macroeconomic magnitude is based on national accounting. Therefore, it functions as an important and integral element in determining the general status of a country's economy.