The production within domestic territory of a country is called the _____
ECONOMICS
JAMB 2017
The production within domestic territory of a country is called the _____
- A. net national product
- B. gross domestic product
- C. net income
- D. disposable income
Correct Answer: B. gross domestic product
Explanation
Gross domestic product (GDP) refers to the total money value of all the goods and services produced in a country within a given time period but excluding net income from abroad. In calculating GDP, emphasis is on earnings from citizens and foreign investment within the country. Earnings of citizens and their investment abroad are excluded from GDP
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