Gross Domestic Product is defined as the value of all
Options:
A . goods and services produced in an economy in a year
B . goods produced in an economy in a year
C . final goods produced in an economy in a year
D . final goods and services produced in an economy in a year
Answer: Option D Answer: (d) Gross domestic product (GDP) is the market value of all officially recognized final goods and services produced within a country in a given period of time. GDP was first developed by Simon Kuznets for a US Congress report in 1934. After the Bretton Woods conference in 1944, GDP became the main tool for measuring the country’s economy.
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