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Q: If we sum the gross value added of all the firms of the economy in a year, we get a measure of the value of aggregate amount of goods and services produced by the economy in a year. Such an estimate is called _______.
  • A. Net national product
  • B. Gross dometic Product
  • C. Net value added
  • D. National Income at factor price
Correct Answer: Option B - If we sum the gross value added of all the firms of the economy in a year, we get a measure of the value of aggregate amount of goods and services produced by the economy in a year. Such an estimate is called Gross domestic product
B. If we sum the gross value added of all the firms of the economy in a year, we get a measure of the value of aggregate amount of goods and services produced by the economy in a year. Such an estimate is called Gross domestic product

Explanations:

If we sum the gross value added of all the firms of the economy in a year, we get a measure of the value of aggregate amount of goods and services produced by the economy in a year. Such an estimate is called Gross domestic product