Which of the following is the best definition of GDP?
A) the market value of all goods produced within a country
B) the market value of all final goods and services produced by the citizens of a country
C) the market value of all final goods and services consumed within a country over a number of years
D) the market value of all final goods and services produced within a country in a given period of time

Question

Quizplus · Accepted Answer

GDP (Gross Domestic Product) is the market value of all final goods and services produced within a country in a given period of time, typically a year. Option A is incorrect as it only refers to production, while GDP also includes services. Option B is incorrect as citizenship is not a factor in GDP calculation. Option C is incorrect as it refers to consumption, while GDP measures production.

Which of the Following Is the Best Definition of GDP