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What is Gross Domestic Product (GDP)?
- a)The total market value of finished goods and services produced in a country in a given year.
- b)The total market value of all assets in a country.
- c)The total market value of imports and exports in a country.
- d)The total market value of consumer goods in a country.
Correct answer is option 'A'. Can you explain this answer?
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What is Gross Domestic Product (GDP)?a)The total market value of finis...
Definition of Gross Domestic Product (GDP):
Gross Domestic Product (GDP) is a measure of the total market value of all finished goods and services produced within a country's borders in a specific time period, usually annually. It reflects the economic performance of a country and is a key indicator used by economists to analyze and compare different economies.
Explanation:
Importance of GDP:
By understanding the concept of GDP and its significance, one can gain insights into the economic well-being and performance of a country.
Gross Domestic Product (GDP) is a measure of the total market value of all finished goods and services produced within a country's borders in a specific time period, usually annually. It reflects the economic performance of a country and is a key indicator used by economists to analyze and compare different economies.
Explanation:
- Total market value: GDP measures the market value of all final goods and services produced in an economy, including consumer goods, government services, and investment goods.
- Finished goods and services: It only includes goods and services that have reached their final stage of production and are ready for consumption or use by end-users.
- Produced in a country: GDP considers only the value of goods and services produced within a country's borders, regardless of the nationality of the individuals or companies involved in production.
- In a given year: GDP is usually calculated on an annual basis to provide an overview of the country's economic performance over time.
Importance of GDP:
- Economic growth: GDP growth indicates the overall health of an economy and its ability to produce more goods and services over time.
- Standard of living: GDP per capita, which is GDP divided by the population, is often used as a measure of a country's standard of living.
- Policy making: Governments and policymakers use GDP data to make decisions on fiscal and monetary policies to stimulate economic growth and stability.
By understanding the concept of GDP and its significance, one can gain insights into the economic well-being and performance of a country.
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What is Gross Domestic Product (GDP)?a)The total market value of finis...
Gross Domestic Product (GDP) is the total market value of all finished goods and services produced in a country in a given year.
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What is Gross Domestic Product (GDP)?a)The total market value of finished goods and services produced in a country in a given year.b)The total market value of all assets in a country.c)The total market value of imports and exports in a country.d)The total market value of consumer goods in a country.Correct answer is option 'A'. Can you explain this answer?
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