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Q.

The sum total of the value of all final goods and services of three sectors is known as :


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a

Gross Domestic Product

b

Net domestic product

c

Annual sector product

d

Total product 

answer is A.

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Detailed Solution

The total value of the three sectors' final goods and services is GDP.
Gross Domestic Product is the sum of all the completed products and services produced inside a nation's boundaries within a certain period in terms of money or market value. It serves as a thorough assessment of the state of the economy in a particular nation since it is a broad indicator of total domestic production. When domestic producers sell more products and services to other countries than domestic consumers buy from foreign consumers, that nation's gross domestic product (GDP) increases.
 
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