Question

Suppose the total market value of all final goods and services produced in economy X this year is $4 million. Of the $4 million worth of goods and services, $3 million is sold and $1 million is held in inventory. For this year, the GDP for economy X is Group of answer choices

Answer 1

Answer:

$4 million

Explanation:

Given that

Total market value of all final goods and services produced = $4 million

Out of

Sale value of goods and services = $3 million

For inventory = $1 million

And,

As we know that

The GDP is Gross domestic product which refers to market value of all finalized goods and services i.e to be produced within the prescribed time

So in the given case, the GDP would be $4 million