GDP is:
A)the total dollar value of all transactions in a year.
B)the total value of all final goods and services produced in a year.
C)the total value of all final goods and services produced by Americans at home and abroad in a year.
D)the total dollar value of all goods produced in the economy in a year.

Question

Quizplus · Accepted Answer

GDP is defined as the total value of all final goods and services produced in a country in a given time period, usually a year. It includes only the final goods and services because including intermediate goods would result in double counting. GDP measures the overall size and health of an economy.

GDP Is