Question : Which of the following represents the value of all goods and services produced within the domestic boundaries of a country?
Option 1: Gross Domestic Product (GDP)
Option 2: Gross National Product (GNP)
Option 3: Net Domestic Product (NDP)
Option 4: Net National Product (NNP)
Correct Answer: Gross Domestic Product (GDP)
Solution : The correct answer is (a) Gross Domestic Product (GDP).
Gross Domestic Product (GDP) represents the total value of all goods and services produced within the domestic boundaries of a country during a specific time period, typically a year. It includes the value of goods and services produced by all factors of production, including both domestic and foreign-owned resources operating within the country's borders.
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