GDP is defined as… The total of a country’s economic activity produced by local
ID: 1133361 • Letter: G
Question
GDP is defined as…
The total of a country’s economic activity produced by local industries
The value of the total economic activity produced in a country in a single year
The total economic activity of a country’s domestic producers in a single year
The total economic activity of a country’s businesses in a year, both from domestic and foreign operations
The total of a country’s economic activity produced by local industries
The value of the total economic activity produced in a country in a single year
The total economic activity of a country’s domestic producers in a single year
The total economic activity of a country’s businesses in a year, both from domestic and foreign operations
Explanation / Answer
GDP is nothing but the total economic activity that is indeed produced bya country in one year on the whole. It measures the size of an economy.
Therefore (B) The value of the total economic activity produced in a country in a single year is the answer
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