"Q. For a given economy and a given period of time, GDP measures the:
- aggregate income earned by all households, all companies, and the government.
- total income earned by all of the country’s citizens, firms, and the government.
- total market value produced of resalable and final goods and services.
The most appropriate description of what is measured by GDP is given by:
- I only.
- I and II.
- I and III.
B is incorrect because GDP is the total income earned by all households and not country citizens."
I found this confusing because what exactly is the difference between a household and citizen? Won’t total income be the same?