Question

Which of the following explains why the concept of GDP was created?

o need for a way to measure a nation's income and output
o need to determine a nation's quality of goods
need for a way to measure unemployment rates
o need to determine how many natural resources each nation had

Answer 1

Need for a way to measure a nation's income and output.

Step-by-step explanation:

The Gross Domestic Product of a nation is a unit of macroeconomic measurement that represents the amount of goods and services produced within the territory of a nation during a given period of time. Thus, the value of each of these goods and services are added together, and the numerical total of said sum thus represents the total value of production of said country during the year.