Question

Which phase defines gross domestic product (GDP)

a. the difference of expenditures made importing goods and income earning from exporting goods
b. the total monetary value of all the finished goods and services produced in a country in a given period
c. the economic value of the professional skills and knowledge used in the production of goods and services
d. the total investment made for the manufacture of domestic product and service in one year

Answer 1

The answer is letter b.
GDP is the total monetary value of all the finished goods and services produced in a country in a given period. It is usually calculated in an annual basis, but can be calculated quarterly-basis.