Question

Gross domestic product refers to Multiple Choice the difference between all domestic exports and imports for any nation during the course of one fiscal year. the monetary value of all products and services produced in a country during one year. the monetary value of all domestic exports of a nation during one year. the monetary value of all domestic imports of a nation during one year. the monetary value of all products and services produced by a single manufacturer during one year.

Answer 1

the monetary value of all products and services produced in a country during one year.

Step-by-step explanation:

Gross Domestic Products (GDP) is a measure of the total market value of all finished goods and services made within a country during a specific period.

Simply stated, GDP is a measure of the total income of all individuals in an economy and the total expenses incurred on the economy's output of goods and services in a particular country.

Basically, the four (4) major expenditure categories of GDP are consumption (C), investment (I), government purchases (G), and net exports (N).

Hence, gross domestic product refers to the monetary value of all products and services produced in a country during one year.

In conclusion, the Gross Domestic Products (GDP) of a country's economy gives an insight to it's social well-being.