What is the definition of Gross Domestic Product (GDP) ?

A.

an indicator used to measure the overall happiness of citizens based on their community involvement

B.

the total value of officially recorded goods and services produced in a country's borders within a given year

C.

the monetary worth of goods and services produced in a country, plus income earned from investments outside of the country

D.

the total value of officially recorded goods and services produced by companies and citizens, both inside and outside a country's borders, within a given year

Question

Macy Bradley

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12 November, 16:22

What is the definition of Gross Domestic Product (GDP) ?

A.

an indicator used to measure the overall happiness of citizens based on their community involvement

B.

the total value of officially recorded goods and services produced in a country's borders within a given year

C.

the monetary worth of goods and services produced in a country, plus income earned from investments outside of the country

D.

the total value of officially recorded goods and services produced by companies and citizens, both inside and outside a country's borders, within a given year

+1

Answers (2)

Know the Answer?

Brock Bell · Answer 1

B. the total value of officially recorded goods and services produced in a country's borders within a given year

Kane Chavez · Answer 2

B this can also be expressed like this GDP = money spent on Consumption + money spent on Investments (in the country) + Government spending in the country + the net exports (Exports - Imports)