A widely available measure of the output of the whole economy and the total market value of goods and services produced in a year in the United States is called
A. economic systems
B. gross domestic product
C. gross sales
D. gross margin
E. gross national product
Answer: (B) The economy's gross domestic product (GDP) is a widely available measure of the output of the whole economy and the total market value of goods and services for the United States (produced in a year). The economic system (A) is the way an economy organizes to use scarce resources to produce the goods and services and then distribute them to society for consumption; thus, (A) is incorrect. Gross sales (C) is the total amount charged to all customers during a given time period, and is incorrect. Gross margin (D) refers to businesses and the money they have to cover expenses of selling and other business operations. (E) is incorrect. The term used to be used to define the output of the economy, but was dropped in favor of gross domestic product.