Question

Which of the following is the market value of a nation's total output of goods and services for a given period in relation to its population?

a. balance of trade
b. gross domestic product
c. exchange control
d. gross national product per capita
e. gross domestic product per capita

Answer 1

The market value of a nation's total output of goods and services in relation to its population is referred to as the gross domestic product per capita, which provides a measure of the average economic well-being of a country's residents.

Step-by-step explanation:

The market value of a nation's total output of goods and services for a given period in relation to its population is gross domestic product per capita (GDP per capita). The GDP per capita is a common measure used to compare standards of living among different countries, serving as a better indicator of average wealth and economic well-being than total GDP. This statistical measure is calculated by dividing a country's gross domestic product, which is the value of all goods and services produced within a country in a year, by its population.