Question

Troboli is a North American country. The total value of all final goods and services produced in Troboli in the last fiscal year was 3.3% more than the year before that. This growth placed Troboli in a better position than most of its allies. In this scenario, the total value of all final goods and services through which the economic condition of Troboli was assessed is known as _____.

Answer 1

Answer:

GDP as Gross Domestic Product

Explanation:

GDP termed as or stands for Gross Domestic Product, which is a broadest measure of total or aggregate economic activity of the nation in the terms of quantitative evaluation.

GDP states the monetary value of all the services and goods or products with the geographic borders of the nation over the particular period or time.

So, in this case, the aggregate value of all the goods and services by which the economic condition is assessed is referred to as GDP (Gross Domestic Product).