Which of the following correctly explains the type of economic activity counted in U.S. GDP?

Question

(1 point)
Responses

GDP measures the market value of all final goods and services produced in the U.S.
GDP measures the market value of all final goods and services produced in the U.S.

GDP is a dollar measure of the goods produced by the economy.
GDP is a dollar measure of the goods produced by the economy.

GDP measures the market value of goods and services produced by U.S. owned companies.
GDP measures the market value of goods and services produced by U.S. owned companies.

GDP measures the market value of all goods and services purchased in the U.S.

Answer 1

The correct explanation of the type of economic activity counted in U.S. GDP is:

GDP measures the market value of all final goods and services produced in the U.S.

This definition captures the essence of GDP, which includes the market value of all final products produced within the geographical borders of the U.S. during a specific time period.