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JAMB Economics 1991 Question 46

Question 46

National Income

The Gross Domestic Product is defined as the total value of

  1. A.all final goods and services produced in a country during the year
  2. B.all assets of a country in a particular year
  3. C.exports net of total value of imports
  4. D.all receipts
Show the answer and explanation

Answer: A (all final goods and services produced in a country during the year)

Explanation

GDP is the money value of all final goods and services produced within a country in a year.