Which of the following best defines gross domestic product?
a. It is the total market value of all goods and services produced in one year by labor and property provided by the residents of a country.
b. It is a measure of the income to the cost of a standard set of goods and services in different geographic areas.
c. It is the total market value of all final goods and services produced in a country for a given time period.
d. It is a measure of the value of goods and services in an area, industry, or sector of an economy.
Answer: c. It is the total market value of all final goods and services produced in a country for a given time period.