Which phrase defines gross domestic product (GDP) ?

1. the difference of expenditures made importing goods and income earned from exporting goods

2. the total monetary value of all the finished goods and services produced in a country in a given period

3. the economic value of the professional skills and knowledge used in the production of goods and services

4. the total investments made for the manufacture of domestic products and services in one year

Question

Chi Chi

Social Studies

15 March, 17:38

Which phrase defines gross domestic product (GDP) ?

1. the difference of expenditures made importing goods and income earned from exporting goods

2. the total monetary value of all the finished goods and services produced in a country in a given period

3. the economic value of the professional skills and knowledge used in the production of goods and services

4. the total investments made for the manufacture of domestic products and services in one year

+2

Answers (1)

Know the Answer?

Frye · Answer 1

Correct answer:

2. The totals the monetary value of all the finished goods and services produced in a country in a given period

Explanation:

GDP is abbreviated as Gross Domestic Product. It is the broadest quantitative live of a nation's total economic activity. A lot of specific, GDP represents the price of all product and services created among a nation's geographic borders over a specific amount of your time.

It is calculated as:

GDP = private consumption + gross investment + government investment + government spending + (exports - imports)