Question at position 5 The nominal gross domestic product of China in 2010 is a measure of the total value of which of the following in 2010 ?
4MAM15Final goods and services exported by China to the rest of the worldFinal goods and services consumed in ChinaFinancial assets, including stocks, in China Firms located within the borders of China Final goods and services produced within the borders of China

Question

Question at position 5 The nominal gross domestic product of China in 2010 is a measure of the total value of which of the following in 2010 ?
4MAM15Final goods and services exported by China to the rest of the worldFinal goods and services consumed in ChinaFinancial assets, including stocks, in China Firms located within the borders of China Final goods and services produced within the borders of China

BlackTom AI · Accepted Answer

Nominal GDP is the market value, measured at current prices, of final goods and services produced within a country’s borders during a specific period. It counts production, not asset transfers, and uses current-year prices (hence “nominal”).

1) Relevant knowledge points and concepts
- Gross Domestic Product (GDP): total market value of final goods and services produced within a country’s borders in a given period.
- “Nominal” GDP: valued at that year’s prices (not adjusted for inflation).
- “Final” goods and services: exclude intermediate goods to avoid double counting.
- Distinction between GDP and other measures: GDP is location-based (within borders); GNP is ownership-based (by nationals).

2) Step-by-step reasoning
Step 1: Identify what GDP measures — value of final production within borders in the year.  
Step 2: Check each option against this definition.

3) Evaluation of options
- “Final goods and services exported by China to the rest of the world”: These are included in GDP (as part of net exports), but exports alone are only a portion of GDP, so this option is incomplete.  
- “Final goods and services consumed in China”: Consumption is a component (C) but excludes investment, government spending, and net exports — also incomplete.  
- “Financial assets, including stocks, in China”: Buying/selling existing financial assets is a transfer of ownership, not current production, so it does not count toward GDP.  
- “Firms located within the borders of China”: This names entities, not the value of production; GDP measures the value of production by any producers within the borders, not simply the firms themselves.  
- “Final goods and services produced within the borders of China”: Matches the definition exactly — includes consumption, investment, government spending, and net exports; counts production within borders regardless of ownership.

4) Why the correct answer is correct
This option precisely states the location-based, production-focused nature of GDP and uses “final goods and services,” avoiding double counting. “Nominal” implies valuation at 2010 prices, but does not change the coverage.

5) Why other options are incorrect
See evaluations above: they are either partial (exports or domestic consumption), conceptually wrong (financial assets), or imprecise (firms).

Conclusion: The correct answer is “Final goods and services produced within the borders of China,” which matches the provided answer.

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