Question : ______ is the monetary value of all final goods and services produced within a country in a specific time period.
Option 1: National income
Option 2: Gross Domestic Product (GDP)
Option 3: Gross National Product (GNP)
Option 4: Net Domestic Product (NDP)
Correct Answer: Gross Domestic Product (GDP)
Solution : The correct answer is (b) Gross Domestic Product (GDP).
Gross Domestic Product (GDP) is the monetary value of all final goods and services produced within a country's borders during a specific time period, typically a year. It measures the overall economic activity and output of an economy.
GDP includes the value of goods and services produced by all sectors of the economy, such as agriculture, manufacturing, services, and construction. It represents the total market value at current prices and is used as a key indicator of economic performance and growth.
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