CLEP Principles of Macroeconomics Exam Prep

Answer - B - Gross domestic product is the market value of all the final goods and services that is produced by an economy within a given period of time.

Key Takeaway: Remember not to confuse gross domestic product with gross national product, which refers to the market value of all of the final goods and services produced with U.S. resources-even if the resources or producing firms are not located in the United States.