alleryStart learning →Gross domestic product is defined as the value of all final goods and services produced:
AWithin a country in a year
BBy one firm in a month
CAcross the whole world
DBy government offices only
Answer & Solution
Correct answer: A. Within a country in a year
1. GDP needs a boundary in both space and time.
2. Economists measure the size of a nation's overall economy by its gross domestic product.
3. GDP is the value of all final goods and services produced within a country.
4. That production is counted for a given year.
_Source: OpenStax Principles of Macroeconomics for AP Courses 2e (CC BY 4.0), Ch 5 'The Macroeconomic Perspective'_
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