The total value of goods and services produced within the country during a year is called

GDP
GNP
NNP
NDP

The correct answer is: A. GDP

GDP stands for Gross Domestic Product. It is the total monetary or market value of all the finished goods and services produced within a country’s borders in a specific time period, normally one year. GDP is usually calculated as the sum of the gross value added of all the various sectors of an economy.

GNP stands for Gross National Product. It is the total market value of all the finished goods and services produced by a country’s residents in a specific time period, normally one year. GNP is calculated by adding the GDP to the net income from abroad.

NNP stands for Net National Product. It is the total market value of all the finished goods and services produced by a country’s residents in a specific time period, normally one year. NNP is calculated by adding the GDP to the net income from abroad and then subtracting depreciation.

NDP stands for Net Domestic Product. It is the total market value of all the finished goods and services produced within a country’s borders in a specific time period, normally one year. NDP is calculated by adding the gross value added of all the various sectors of an economy and then subtracting depreciation.

In conclusion, GDP is the total value of goods and services produced within the country during a year.

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