Question

Gross Domestic Product is the total value of _________________________________ produced during a particular year.

• A. all intermediate goods
• B. all intermediate goods and services
• C. all final goods and services
• D. all intermediate and final goods and services

Answer 1

The correct option is C all final goods and services

The value of all final goods and services produced in each sector gives us the total production of that sector. If we add the total production of all the sectors, we arrive at Gross Domestic Product (GDP). We can say that GDP is a monetary measure of the market value of all the final goods and services produced in a specific time period.