Gross Domestic Product is the sum of the market value of the ?
Correct answer: B. final goods and services
- A. intermediate goods
- B. final goods and services
- C. manufactured goods
- D. inferior goods and services
- E. normal goods and services
Explanation
GDP totals the market value of final goods and services produced within a country's borders during a period. Intermediate goods are excluded to prevent their value from being counted again in final products.
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The economy is studied as a whole through national income, gross domestic product, inflation, unemployment, economic growth and business cycles. Coverage includes aggregate demand and supply, consumption and investment, money and banking, fiscal and monetary policy, exchange rates and balance of payments, which distinguishes macroeconomics from the study of individual markets.
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