Question

Suppose the total market value of all final goods and services produced in a particular country in 2004 is $500 billion and the total market value of final goods and services sold is $450 billion. We can conclude that:________. A. GDP in 2004 is $450 billion. B. GDP in 2004 is $500 billion. C. NDP in 2004 is $450 billion. D. Inventories in 2004 fell by $50 billion.

Answer 1

B. GDP in 2004 is $500 billion

Step-by-step explanation:

Gross Domestic Product (GDP) refers to the total monetary/ market value of all goods and services PRODUCED in a country within a certain period of time which is typically a year.

$500 billion worth of goods were PRODUCED in the country in 2004 making it the GDP.