ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The total value of all the goods and services a country produces in a year
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The total value of all goods imported within a year
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The total value of taxes collected in a year
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The total value of all goods produced by entrepreneurs in a year
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Detailed explanation-1: -GDP stands for “Gross Domestic Product” and represents the total monetary value of all final goods and services produced (and sold on the market) within a country during a period of time (typically 1 year). GDP is the most commonly used measure of economic activity.
Detailed explanation-2: -Gross Domestic Product or GDP is referred to as the total monetary value of all the final goods and services produced within the geographic boundaries of a country, during a given period (usually a year).
Detailed explanation-3: -Gross domestic product (GDP) represents the total monetary value of the final goods and services produced within the domestic territory of a country in a financial year.
Detailed explanation-4: -The Gross Domestic Product (GDP) is the total market value of all finished goods and services made within a country for a specific period of time. GDP is used to estimate the size of the economy and the growth rate. The GDP can be calculated in three different ways, such as Expenditures, Production and Incomes.
Detailed explanation-5: -GDP is the total money value of all final goods and services produced in a country in a year.