3. Which economic term refers to the total value of goods and services produced in a country within a specific period?
A. National income
B. Gross domestic product (GDP)
C. Remittance
D. Balance of trade
Answer (1)
The answer is letter B. Gross domestic product (GDP)GDP shows how active a country’s economy is. It includes everything that businesses and government produce—like food, clothes, cars, services, and infrastructure—within a year or a quarter.A rising GDP usually means more jobs, higher income, and stronger growth. However, it doesn't always mean everyone benefits equally. For example, the Philippines had high GDP growth under Aquino III, but poverty was still a big issue in rural areas.
