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.
Question : Which of the following represents the value of all goods and services produced within the domestic boundaries of a country?
Question : Which of the following represents the value of all goods and services produced by the citizens of a country, whether within the country or abroad?
Question : ______ is the market value of all final goods and services produced within a domestic territory of a country measured in a year.
Question : Which of the following is a measure of national income that takes into account the value of goods and services produced by a country's citizens abroad?
Question : Which of the following is a measure of national income that takes into account the value of goods and services produced by a country's residents both domestically and abroad?
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