Which of the following measures the total value of all final goods and services produced within a nation's physical boundaries over a given period of time?
A) The consumer price index
B) Gross domestic product
C) Net national production
D) The production function

Question

Quizplus · Accepted Answer

Gross domestic product (GDP) measures the total value of all final goods and services produced within a nation's physical boundaries over a given period of time, typically annually. The consumer price index (CPI) measures the average change in prices of a basket of goods and services consumed by households, not the total value of production. Net national production (NNP) adjusts GDP for depreciation of equipment and structures. The production function is a theoretical concept used to explain the relationship between inputs and outputs in an economy.

Which of the Following Measures the Total Value of All