The Monetary Value of All Products and Services Produced in a Country

question 74

Multiple Choice

The monetary value of all products and services produced in a country during one year is referred to as the

• A) balance of trade.
• B) gross domestic product.
• C) national monetary reserve.
• D) monetary national balance.
• E) annual national product.

---

Definitions:

Product Liability

The legal obligation of manufacturers, distributors, suppliers, and retailers to compensate for injury or damage caused by defective products.

Due Care

The level of judgment, attention, and diligence reasonably expected of a person under certain circumstances.

Product Liability

Legal responsibility held by the manufacturer or seller of a product for injuries caused by defects or malfunctions of the product.

Negligence

The lack of due diligence that a reasonable person would demonstrate under comparable conditions, leading to injury or damage.