The Total Dollar Value of All Goods and Services Produced

question 100

Multiple Choice

The total dollar value of all goods and services produced by all people within the boundaries of a country is called

• A) productivity.
• B) gross domestic product.
• C) gross national product.
• D) inflation factor.
• E) standard of living.

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Definitions:

Product Liability

Refers to the legal responsibility of manufacturers and sellers to compensate for harm caused by defective products they market.

Reasonably Foreseeable

Circumstances or outcomes that can be anticipated by a person through the exercise of normal judgement.

Product Defects

Refer to flaws or errors in a product that make it dangerous, unusable, or fail to meet minimum quality standards.

Product Liability Law

A legal framework holding manufacturers, distributors, suppliers, and retailers accountable for any injuries products cause to consumers.