Gross domestic product (GDP) is defined as:
a. the market value of all final goods and services produced within the borders of a nation.
b. incomes received by all of a nation's households.
c. the quantity of each good and service produced by U.S. residents.
d. none of these.
Question 2
GDP:
a. is the dollar value of all the final goods and services produced within the borders of a nation.
b. includes intermediate and final goods and services.
c. minus an allowance for depreciation of fixed capital equals GNP.
d. is a less-than-perfect measure of social well-being because it does not include exports and imports.
e. all of these.
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