-
Gross Domestic Product is defined as the value of all
-
- goods produced in an economy in a year
- goods and services produced in an economy in a year
- final goods produced in an economy in a year
- final goods and services produced in an economy in a year
- goods produced in an economy in a year
Correct Option: 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.
