The ________ refers to the total value of all goods and services produced within a given period by a national economy through domestic factors of production.
A) standard of living
B) aggregate output
C) gross domestic product
D) gross national produce

Question

Quizplus · Accepted Answer

Gross domestic product (GDP) is a commonly used measure of a country's economic output. It represents the total value of all goods and services produced within a country's borders, regardless of who owns the factors of production. GDP includes both consumer and government spending, investments made by companies, and net exports (exports minus imports).

The ________ Refers to the Total Value of All Goods