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Question
"A monetary measure of the market value of all the final goods and services produced in a country in a specific time period" is a definition of which term?
"A monetary measure of the market value of all the final goods and services produced in a country in a specific time period" is a definition of which term?
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Solution
The correct option is C Gross Domestic Product
When we take a sum of the monetary value of all the final goods and services produced within the geographic boundaries of a country in a specific period, it is called Gross domestic product (GDP). GDP is used throughout the world as a measure of output and economic activity.
When we take a sum of the monetary value of all the final goods and services produced within the geographic boundaries of a country in a specific period, it is called Gross domestic product (GDP). GDP is used throughout the world as a measure of output and economic activity.
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