Answer to Question #220813 in Macroeconomics for khilesh

Question

For real gross domestic product (real GDP) is the value of all goods and services produced in an economy over a particular time period.

Select one:(with explanation)

a. False

b. True

Answer 1

b. True - Real Gross Domestic Product refers to the total monetary or market value of all the finished goods and services produced within a country's borders in a specific time period.

As a wide measure of Overall domestic production, it serves as a comprehensive scorecard of the economic health of a given country.