Gross Domestic Product (GDP) is:

A. the sum of all currency and coins in circulation.

B. the value of all final goods and services produced by a government.

C. the value of all final good and services produced anywhere in the world by a nation's firms.

D. the value of all final goods and services produced domestically.

Question

Business

Ariana Odonnell

19 June, 20:43

Gross Domestic Product (GDP) is:

A. the sum of all currency and coins in circulation.

B. the value of all final goods and services produced by a government.

C. the value of all final good and services produced anywhere in the world by a nation's firms.

D. the value of all final goods and services produced domestically.

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Answers (1)

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Emmanuel Delgado · Answer 1

D) The value of all goods and services produced domestically.

Explanation:

G. D. P is the total monetary value of all the final goods and services produced within a country at a particular period. A country's G. D. P can be calculated whether on an annual basis or quarterly basis, depending on the period in which the country uses as its accounting period. G. D. P is mostly important to a country as it serves as their economic mirror which is used to calculate the country's economic size as well as its growth rate. G. D. P can be calculated using either the country's expenditures, income or production. It can be manipulated during inflation.