Question

What is the monetary value of all final goods and services produced within a country in a year called?

• A. Gross National Product (GNP)
• B. Gross Domestic Product (GDP)
• C. Net Domestic Product (NDP)
• D. Net National Product (NNP)

Hint:

GDP = Total value of final goods & services produced within domestic territory in one year.

Answer 1

The Correct Option is B

Step 1: Understanding GDP.
GDP measures the total monetary value of all final goods and services produced within a country’s borders in a given year.
Step 2: Analyzing the options.
(A) GNP: Includes income earned abroad by residents.
(B) GDP: Correct — only includes production within the domestic territory.
(C) NDP: GDP minus depreciation.
(D) NNP: GNP minus depreciation.
Step 3: Conclusion.
Thus, the correct answer is Gross Domestic Product (GDP).