The ______ of an economy is its total annual output,measured by final purchase price.
A) net national income
B) gross domestic product
C) gross national product
D) balance of trade

Question

Quizplus · Accepted Answer

Gross domestic product (GDP) is the total value of goods and services produced within a country's borders during a specific time period, usually a year. It is measured by the final purchase price of these goods and services. Net national income (NNI) is the total income earned by a country's citizens and businesses, minus income earned by foreign entities. Gross national product (GNP) is the total value of goods and services produced by a country's citizens, regardless of their location, during a specific time period. Balance of trade is the difference between a country's exports and imports.

The ______ of an Economy Is Its Total Annual Output,measured