The _____ is measured as the sum of value added by resident firms,households,and governments operating in an economy.
A) gross national product
B) gross national income
C) gross domestic product
D) national reserve

Question

The _____ is measured as the sum of value added by resident firms,households,and governments operating in an economy.
A) gross national product 
B) gross national income 
C) gross domestic product 
D) national reserve

Quizplus · Accepted Answer

Gross domestic product (GDP) is the total value of goods and services produced within a country's borders in a given time period, typically a year. It includes the value added by all resident entities, including firms, households, and governments. Gross national product (GNP) measures the total value of goods and services produced by a country's residents, regardless of where they are located, while gross national income (GNI) measures the income earned by residents of a country, including income from foreign sources. National reserve is not a measure of economic production.

The _____ Is Measured as the Sum of Value Added