Question

GDP is defined as thea. value of all goods and services produced within a country in a given period of time. b. value of all goods and services produced by the citizens of a country, regardless of where they are living, in a given period of time. c. value of all final goods and services produced within a country in a given period of time. d. value of all final goods and services produced by the citizens of a country, regardless of where they are living, in a given period of time.

Answer 1

Answer: value of all final goods and services produced within a country in a given period of time.(C)

Explanation:

Gross Domestic Product (GDP) is defined as the gross market or monetary worth of the entire finished goods and services that are manufactured within the border of a country at a particular period of time.

It is usually calculated every year. The formula for calculating the gross domestic product is:

GDP = C+I+G+(X-M). C stands for consumption, I stands for investment, G stands for government expenditure and X-M stands for net export.