Q15. The summation of the value of final goods and services produced in each sector of an economy during a particular year is:
A. Net Domestic Product
B. Gross National Product
C. National Income
D. Gross Domestic Product
Exp: The value of final goods and services produced in each sector during a particular year provides the total production of the sector for that year. And the sum of production in the three sectors gives what is called the Gross Domestic Product (GDP) of a country. Gross national product (GNP) is an estimate of total value of all the final products and services produced in a given period by the means of production owned by a country’s residents. GDP takes into account all output produced within a country’s borders regardless of who owns the means of production.