Question

What is the correct definition of gross domestic product?

Question 8 options:

total dollar value of all goods and services produced in a nation in a year


level at which a nation lives as measured by the extent it meets its needs


total national income divided by the number of people in a nation


growth rate a business can maintain without having to borrow money

Answer 1

Gross domestic product (GDP) is the total monetary or market value of all the finished goods and services produced within a country's borders in a specific time period. As a broad measure of overall domestic production, it functions as a comprehensive scorecard of a given country's economic health.

Step-by-step explanation: