GDP is the total:
A) value of all transactions in a year.
B) value of all final goods and services produced in a year.
C) value of all final goods and services produced by Americans at home and abroad in a year.
D) value of all goods produced in the economy in a year.

Question

Quizplus · Accepted Answer

GDP is the total value of all final goods and services produced in a year within a country's borders. It does not include intermediate goods or services, or transactions such as used goods being resold. It also includes goods and services produced by both domestic and foreign factors of production within the country's borders.

GDP Is the Total