Gross domestic product is calculated as the sum of the
A) total quantity of final goods and services produced in the economy during a period of time.
B) total quantity of goods and services produced in the economy.
C) total market value of goods and services produced in the economy.
D) total market value of final goods and services produced in the economy during a period of time.

Question

Quizplus · Accepted Answer

Gross domestic product (GDP) is calculated as the total market value of all final goods and services produced in the economy during a given period of time, typically a year. Final goods and services are those that are consumed by households, businesses, and governments, and are not used to produce other goods and services. GDP includes only final goods and services because counting intermediate goods and services would result in double-counting of economic activity.

Gross Domestic Product Is Calculated as the Sum of the