____ is/are measured as the sum of value added by resident firms, households, and government operating in an economy.
A) Gross national product
B) Gross national income
C) Gross domestic product
D) National reserves

Question

Quizplus · Accepted Answer

Gross domestic product (GDP) measures the total value of goods and services produced within a country's borders by resident firms, households, and government, regardless of ownership. It is considered the most comprehensive measure of a country's economic activity. Gross national product (GNP) measures the total value of goods and services produced by a country's residents, regardless of their location, and gross national income (GNI) measures the total income earned by a country's residents, regardless of their location. National reserves refer to the amount of liquid assets held by a country's government, such as foreign currency and gold. Gross domestic product (GDP) is a measure of the value of all goods and services produced in a country, typically calculated on an annual basis. It is the sum of value added by resident firms, households, and government operating in an economy. GDP does not include income earned by foreign residents or income generated outside a country's borders by domestic residents.

____ Is/are Measured as the Sum of Value Added by Resident