GDP stands for what?

GDP stands for what?

• A. Global Domestic Product
• B. General Domestic Product
• C. Gross Domestic Product
• D. Total Domestic Product

Answer: (C)

This question tests what GDP stands for. GDP stands for Gross Domestic Product. It is the main measure of a country’s economic activity, reflecting the market value of all final goods and services produced within the country in a given period. Domestic means the production occurs inside the country’s borders, regardless of who owns the firms. The term Gross indicates the total value, not net of depreciation. The other phrases don’t fit because they’re not the standard terms used in national accounts—Global Domestic Product would imply worldwide production, and General or Total Domestic Product aren’t the established labels.

This question tests what GDP stands for. GDP stands for Gross Domestic Product. It is the main measure of a country’s economic activity, reflecting the market value of all final goods and services produced within the country in a given period. Domestic means the production occurs inside the country’s borders, regardless of who owns the firms. The term Gross indicates the total value, not net of depreciation. The other phrases don’t fit because they’re not the standard terms used in national accounts—Global Domestic Product would imply worldwide production, and General or Total Domestic Product aren’t the established labels.