Question : If we sum the gross value added of all the firms of the economy in a year, we get a measure of the value of the aggregate amount of goods and services produced by the economy in a year. Such an estimate is called ______.
Option 1: Net national product
Option 2: National income at factor price
Option 3: Net value added
Option 4: Gross domestic product
Correct Answer: Gross domestic product
Solution : The correct option is a Gross domestic product .
Gross domestic product (GDP) represents the total monetary value of all finished goods and services produced within a country's borders in a specific period. It includes the value added by all industries. The sum of the gross value added by all firms in the economy is one way to calculate GDP, providing a comprehensive measure of the overall economic activity within a country.
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