Question

1. GDP is calculated by summing ________. consumption, investment, and exports of all final goods and services produced within the borders of a given country during a specific period the dollar value of all final goods and services produced within the borders of a given country during a specific period government expenditures within the borders of a given country during a specific period the quantity of all final goods and services produced within the borders of a given country during a specific perio

Answer 1

Answer:

The correct answer is: the dollar value of all final goods and services produced within the borders of a given country during a specific period

Explanation:

Gross Domestic Product (GDP) is the total monetary or market value of all the finished goods and services produced within a country's borders in a specific time period. It is an indicator to measure the economic health of a country.  Most of the individual data sets will also be given in real terms, meaning that the data is adjusted for price changes, and is, therefore, net of inflation.

The money measurement concept underlines the fact that every recorded event or transaction is measured in terms of money, the local currency monetary unit of measure.

It counts all of the output generated within the borders of a country. GDP is composed of goods and services produced for sale in the market and also includes some nonmarket production, such as defense or education services provided by the government.

GDP can be determined via three methods. All, when correctly calculated, should generate the same figure. These three approaches are often termed the expenditure approach, the output (or production) approach, and the income approach.