The value of all goods and services produced by the domestic economy over a one-year period is called ________.
A) gross domestic product (GDP)
B) purchasing power parity (PPP)
C) gross national product (GNP)
D) human development index (HDI)

Question

Quizplus · Accepted Answer

Gross domestic product (GDP) is the value of all goods and services produced by the domestic economy over a one-year period. Purchasing power parity (PPP) is a measure of how much a currency can buy in different countries, while gross national product (GNP) is the value of all goods and services produced by a country's residents, regardless of location. Human development index (HDI) is a measure of a country's social and economic development based on factors such as life expectancy, education, and income.

The Value of All Goods and Services Produced by the Domestic