Select the correct answer.

Which of the following statements accurately describes GDP?

A. GDP is the total value of goods and services demanded in a country in a given year.
B. GDP is the total value of goods demanded in a country in a given year.
C. GDP is the total value of goods and services produced in a country in a given year.
D. GDP is the total value of goods and services exported in a country in a given year.

Question

01-07-2024
Social Studies

Answered

Select the correct answer.

Which of the following statements accurately describes GDP?

A. GDP is the total value of goods and services demanded in a country in a given year.
B. GDP is the total value of goods demanded in a country in a given year.
C. GDP is the total value of goods and services produced in a country in a given year.
D. GDP is the total value of goods and services exported in a country in a given year.

Answer :

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GinnyAnswer GinnyAnswer · Answer 1 · 2024-07-01T11:19:48-04:00

Final answer:

GDP is the total value of final goods and services produced within a country and is calculated using a specific equation involving consumption, investment, government spending, exports, and imports.

Explanation:

Gross Domestic Product (GDP) is the market value of all final goods and services produced within a country in a given period. GDP is calculated using the equation GDP = C + I + G + (X - M), where C is consumption, I is investment, G is government spending, X is exports, and M is imports.

Learn more about Gross Domestic Product (GDP) here:

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