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Discussion

In economic terms, the total market value of all final goods and services produced in a country in a given year is known as

  • A.GNI
  • B.Inflation
  • C.GDP
  • D.Wealth of Nation

Answer: C

Correct answer: GDP

Gross Domestic Product is the market value of all final goods and services produced within a country in a year. GNI adds what residents earn abroad and subtracts what foreigners earn at home; the distinction is between where production happens and who owns the factors doing it.

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