Inflationary output gap - Study guides, Class notes & Summaries

Which of the following statements is the most appropriate description of gross domestic product (GDP)? The total income earned by all households, firms, and the government whose value can be verified. The total amount spent on all final goods and services produced within the economy over a given time period. The total market value of resalable and final goods and services produced within the economy over a given time period. correct answer- B is correct. GDP is the total amount spent on ...