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Gross Domestic Product (GDP) is defined as the value of:
AAll final goods and services produced in a country in one year
BAll goods produced by the primary sector in a country in one year
CTotal exports minus total imports during one financial year
DTotal wages paid to workers across all sectors in one year
Answer & Solution
Correct answer: A. All final goods and services produced in a country in one year
GDP is the value of all FINAL goods and services produced within a country in one year. To avoid double-counting, only value added at each stage is counted.
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