Gross domestic product is equal to which of the following?
Total consumer spending on final goods
B
The total value of production of all firms
The sum of income paid to all the factors of production
D
The total value of production of domestic firms
E
The sum of values added of all foreign firms located domestically

Question

lucycraft235 lucycraft235

20-09-2021
Advanced Placement (AP)

contestada

Gross domestic product is equal to which of the following?
Total consumer spending on final goods
B
The total value of production of all firms
The sum of income paid to all the factors of production
D
The total value of production of domestic firms
E
The sum of values added of all foreign firms located domestically

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adioabiola adioabiola · Answer 1 · 2021-09-22T13:57:51+02:00

Gross domestic product refers to the total market value of all goods and services produced in a country at a specific period of time.

Gross domestic product "is equal to the total value of production of domestic firms".

The product produced in all sectors of the economy is included in Gross domestic product. The sectors in the economy includes agricultural sector, mining sector, banking sector, education sector etc.

The market value of each of this sectors over a given period of time is compiled in the Gross domestic product.