Sia
Question
Macroeconomics
Posted 10 months ago
Which of the following is the best definition of a country's gross domestic product (GDP)?
Choose 1 answer:
(A) The total amount of exports a country sells to the rest of the world in a specific time period
(B) The total value of consumer products purchased by all of the households in a country in a specific time period
(C) The total value of the goods and services produced by the citizens of a country in a specific time period, both within the country and beyond its borders
(D) The total value of all the finished goods and services produced within a country's borders in a specific time period
(E) The total value of the goods and services purchased by a country's government in a specific time period
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Answer from Sia
Verified answerPosted 10 months ago
D
Key Concept
Gross Domestic Product (GDP)
Explanation
GDP is the monetary value of all finished goods and services produced within a country's borders in a specific time period. It includes all private and public consumption, government outlays, investments, additions to private inventories, paid-in construction costs, and the foreign balance of trade (exports are added, imports are subtracted). Option D is the correct definition because it encompasses all economic activity within the country's borders, regardless of who produces it, and does not include international production by the country's citizens.
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