What economic measurement is represented by GDP?

Gross Domestic Product (GDP) measures the total monetary value of all finished goods and services produced within a country's borders over a specific time period, usually annually or quarterly. This comprehensive measurement captures the economic activity of a nation, indicating its economic health and productivity.

GDP is crucial because it encapsulates the size and performance of an economy, allowing analysts and policymakers to compare economic performance over time or between different economies. By focusing on the production side, GDP reflects the output and efficiency of economic activity, making it a key indicator in economic analysis.

In terms of the other options, while they represent various aspects of a nation's economy, they do not encompass the complete scope defined by GDP. For instance, the total value of imports and exports relates specifically to trade balance, and the total income earned by residents pertains to personal income metrics, which may not account for all economic activity within a country. Similarly, total government spending is only one component of fiscal policy and does not reflect overall production or economic health.