Question

What is the total value of the goods and services produced in the nation in a year called?

Answer 1

The total value of the goods and services produced in the nation in a year is called Gross National Product or Gross Domestic Product of that  country

Answer 2

Answer: The total value of the goods and services produced in the nation in a year is called "Gross Domestic Product (GDP)".

Explanation:

The total value of the goods and services produced in the nation in a year is called "Gross Domestic Product (GDP)".

As we know that GDP is the sum of all final goods and services produced within the domestic territory in a given year.

And GDP at market price = Value of output - Intermediate consumption

As intermediate consumption is not included while calculating the GDP to avoid double counting.

Hence, GDP is the correct answer.