Question
QUESTION 7
Gross domestic product is a measure of
a. the goods and services produced strictly by corporations.
b. the nonmarket production of goods and services.
c. the volume of goods and services, which involved in international trade.
d. the money value of all final goods and services produced in a year by the economy.
e. the size of the largest industry in an economy.
Gross domestic product is a measure of
a. the goods and services produced strictly by corporations.
b. the nonmarket production of goods and services.
c. the volume of goods and services, which involved in international trade.
d. the money value of all final goods and services produced in a year by the economy.
e. the size of the largest industry in an economy.
Ask by Harrington Sullivan. in the United States
Mar 20,2025
Upstudy AI Solution
Tutor-Verified Answer
Answer
Gross Domestic Product (GDP) measures the money value of all final goods and services produced in a year by the economy.
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Bonus Knowledge
Gross Domestic Product (GDP) represents the total monetary value of all final goods and services produced within a country’s borders in a specific time period, usually a year. It’s like the nation’s report card, reflecting how productive and economically healthy the country is. A higher GDP can indicate a better standard of living, but remember, it’s not always the complete picture!
GDP has real-world applications that influence various aspects of our lives. Government policymakers use GDP to decide on fiscal and monetary policies; businesses analyze GDP trends to forecast economic conditions and strategic planning, while investors may look at GDP growth rates to make informed decisions about where to invest. Essentially, GDP helps paint a picture of economic activity and overall societal well-being!
