The market value of all final goods and services produced and/Or made with the geographical boundaries of a country in a year is known as.....

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

The market value of all final goods and services produced and/Or made with the geographical boundaries of a country in a year is known as____

A	Gross Domestic Product
B	Gross National Savings
C	Gross Fiscal Deficit
D	Gross Domestic Capital Formation

Explanation:

Detailed explanation-1: -In economic terms, the total market value of all final goods and services produced in a country in a given year is known as Gross Domestic Product (GDP).

Detailed explanation-2: -GDP measures 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 or a year). It counts all of the output generated within the borders of a country.

Detailed explanation-3: -Definition: GDP is the final value of the goods and services produced within the geographic boundaries of a country during a specified period of time, normally a year. GDP growth rate is an important indicator of the economic performance of a country.

Detailed explanation-4: -GDP is the total money value of all final goods and services produced in a country in a year.

Detailed explanation-5: -The value of final goods and services equals: the sum of the value added by all firms. Summing the value added of all firms yields the value of final goods and services produced because both measures: exclude the value of intermediate goods and services.

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