Question

1.     Suppose the total monetary value of all final goods and services produced in a particular country in 2008 is $500 billion and the total monetary value of final goods and services sold is $450 billion. We can conclude that:

A.   GDP in 2008 is $450 billion.

B.    GDP in 2008 is $450 billion.

C.    GDP in 2008 is $500 billion.

d. inventories in 2008 fell by $50 billion

Answer 1

The correct answer is (C.    GDP in 2008 is $500 billion. )

GDP is defined as the total market/monetary value of all the finished goods and services produced within a country's borders in a specific time period, usually one year.