Which of the following statements accurately describes the concept of Gross Domestic Product (GDP)?
1
GDP measures the total market value of all final goods and services produced within a country in a given period, including income earned by residents abroad.
2
GDP includes the market value of intermediate goods to avoid double counting.
3
GDP is calculated by summing up consumption, investment, government spending, and net exports.
4
GDP excludes the value of goods and services produced by foreign nationals within the country.
5
GDP is the same as Gross National Product (GNP).