If we sum the gross value added of all the firms of the economy in a year, we get a measure of the value of aggregate amount of goods and services produced by the economy in a year. Such an estimate is called ______.
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Correct answer: D
Explanation
The correct answer is option 4 i.e. Gross domestic product.
- Gross domestic product (GDP) represents the total value of goods and services produced within a country's borders in a given year, calculated by summing the gross value added of all firms operating within the economy.
- It serves as a key indicator of a nation's economic performance and is widely used to measure and compare the size and growth of economies.