Question

Which phrase defines gross domestic product (GDP)?

the difference of expenditures made importing goods and income earned from exporting goods
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
the total investments made for the manufacture of domestic products and services in one year

Answer 1

B:)

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

Answer 2

Gross domestic product (GDP) is the monetary value of all the finished goods and services produced within a country's borders in a specific time period. Though GDP is usually calculated on an annual basis, it can be calculated on a quarterly basis as well (in the United States, for example, the government releases an annualized GDP estimate for each quarter and also for an entire year).

GDP includes all private and public consumption, government outlays, investments, private inventories, paid-in construction costs and the foreign balance of trade (exports are added, imports are subtracted).

The correct answer is: The total monetary value of all the finished goods and services produced in a country in a given period.