What is the total value of final goods and services produced in a country in a given year called?

• A. Gross Domestic Product (GDP)
• B. Net National Product (NNP)
• C. Gross National Product (GNP)
• D. Consumer Price Index (CPI)

Answer: (A)

Verified step by step guidance

1. Understand that the question is asking for the term that represents the total value of final goods and services produced within a country during a specific year.
2. Recall that Gross Domestic Product (GDP) measures the market value of all final goods and services produced within a country's borders in a given time period, usually a year.
3. Differentiate GDP from other terms: Gross National Product (GNP) includes production by a country's residents regardless of location, Net National Product (NNP) accounts for depreciation, and Consumer Price Index (CPI) measures price level changes, not production value.
4. Identify that since the question focuses on production within the country in a given year, the correct term is Gross Domestic Product (GDP).
5. Summarize that GDP is the standard macroeconomic indicator used to quantify the total economic output of a country in a year.