How do economists calculate gross domestic product (GDP )? (1 point ) by adding up all the taxes collected by federal and state governments during one year by adding up all of the products consumed within a nation during one year by adding up all the goods and services produced within a country during one year by adding up all the jobs that were added to a country's economy during one year
The correct answer is: by adding up all the goods and services produced within a country during one year.
Gross Domestic Product (GDP) is a measure of a nation's economic performance and is used to assess the size and growth rate of an economy. Economists calculate GDP by adding up the total value or worth of all final goods and services produced within a country's borders in a specific time period, usually a year. It includes both consumer goods and services, as well as investments, government spending, and net exports (exports minus imports). GDP does not include intermediate goods or double-count any goods or services.