The total value of all final goods and services produced by all three sectors within the country’s boundary in a year is called :

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Gross Domestic product

Gross Domestic price

Gross Development price

None of above

answer is A.

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Detailed Solution

The total value of all final goods and services produced by all three sectors within the country’s boundary in a year is called Gross Domestic Product (GDP).
The central ministry calculates the GDP with the help of various government departments and agencies that determine the number of goods and services produced and their prices and then calculate the GDP. GDP shows how the three sectors of the economy are working and how much each sector is giving it contributes to the GDP. It is also figured out through the GDP which sector is dominating or which is growing at a fast pace.

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