Question

Which of the following terms defines the monetary value of final goods and services — that is, those that are bought by the final user - produced in a country in a given period of time (say a quarter r a year)?

A Gross Domestic Product Correct Answer Incorrect Answer
B Net Domestic Product Correct Answer Incorrect Answer
C Domestic Product Correct Answer Incorrect Answer
D Gross National Product Correct Answer Incorrect Answer

Solution

When we take a sum of the monetary value of all the final goods and services produced within the geographic boundaries of a country in a specific period, it is called Gross domestic product (GDP).

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