Answer to Question #247572 in Macroeconomics for Pat

Question

Gross domestic product (GDP) may be defined as ...

• A. total resource income less taxes, savings and spending on exports.
• B. the market value of all final goods and services produced in a country in a specific year.
• C. the economic value of all economic resources used in the production of a year's output.
• D. the monetary value of all goods and services (final, intermediate and non-market) produced in a given year.

Answer 1

D. The monetary value of all goods and services ( final, intermediate and non market) produced in a given year.