Question

GDP is the market value of: Multiple Choice all expenditures on natural resources, labor, and capital goods in an economy in a given year. all expenditures on consumption, investment, and net exports in an economy in a given year. all intermediate goods and services produced in an economy in a given year. all final goods and services produced in an economy in a given year.

Answer 1

The correct answer is the last option: All final goods and services produced in an economy in a given year.

Step-by-step explanation:

To begin with, the "Gross Domestic Product" or GDP, is known as an macro economic variable which tends to be one of the most important ones that reflects the value market of all the final goods and services that are produced in an economy in a particular amount of time. Moreover, this variable is an important factor to consider when it comes to comparing nations living standards and more. It is quite helpful for the economists to use this variable as a way of knowing how is the economy of the country going and under what subvariable is everything going.