Question

Gross Domestic Product or GDP can be

a)Value of output of goods and services during one year

b) National Income

c)National Output

d)Aggregate Demand

e)All the stuff made by one country in one year

f)All of the above or any of the above

Answer 1

Answer:

f)All of the above or any of the above

Explanation:

GDP or gross domestic product is the aggregate of the values of goods and services produced within a country's boundaries. In calculating the value of GDP, economists consider the value of finished goods only.

GDP is calculated using the expenditure approach and the income approach. With the expenditure approach, GDP is the sum of all consumers, government, incomes, and net imports. The result is GDP and also the aggregate demand.

In the income approach, the GDP is the sum of all national incomes . In other words, GDP is equal to Sales Taxes plus Depreciation and Net Foreign Factor Income.