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What is Gross Domestic Product (GDP)?
  • a)
    The total value of goods and services currently produced within the domestic territory of a country.
  • b)
    The total market value of all intermediate goods.
  • c)
    The total value of goods produced in the previous periods.
  • d)
    The total value of goods and services produced in the future.
Correct answer is option 'A'. Can you explain this answer?
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What is Gross Domestic Product (GDP)?a)The total value of goods and se...
Gross Domestic Product (GDP) is the total value of goods and services currently produced within the domestic territory of a country.
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What is Gross Domestic Product (GDP)?a)The total value of goods and se...
Gross Domestic Product (GDP)
GDP is the total value of goods and services currently produced within the domestic territory of a country. It is one of the most commonly used indicators to measure the economic performance of a country.

Key Points:
- Value of Goods and Services: GDP includes the total value of all goods and services produced within a country's borders during a specific period, usually a year.
- Domestic Territory: It only considers the production that occurs within the country's borders, regardless of the nationality of the producers.
- Economic Performance: GDP provides an overall picture of the economy's health and helps policymakers make decisions regarding fiscal and monetary policies.
- Indicator of Standard of Living: A higher GDP generally indicates a higher standard of living as it reflects the country's ability to produce and consume goods and services.
- Comparison: GDP allows for comparisons of economic performance between different countries and over time.

Calculation of GDP:
GDP can be calculated using three main approaches:
1. Production Approach: It calculates GDP by adding up the value of all goods and services produced in the country.
2. Income Approach: It calculates GDP by summing up all incomes earned by individuals and businesses in the country.
3. Expenditure Approach: It calculates GDP by adding up all expenditures on final goods and services in the country.
In conclusion, Gross Domestic Product (GDP) is a crucial economic indicator that provides insights into a country's economic performance, standard of living, and overall well-being. It serves as a key tool for policymakers, businesses, and individuals to understand and analyze the economy.
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Direction: In the following questions, you have two brief passages with 3 questions following each passage. Read the passages carefully and choose the best answer to each question out of the four alternatives.PASSAGEInternational trade represents a significant share of Gross Domestic Product (GDP). While international trade has been present throughout much of history, its economic, social and political importance has been on the rise in recent centuries. Industrialization, advances in tecnology, transportation, globalization, multinational corporations, and outsourcing are all having a major impact on the international trade system. Increasing international trade is crucial to the continuance of globalization. International trade is, in principle, not different from domestic as the motivation and the behaviour of parties is across a border or not. The main difference is that international trade. Another difference between domestic and international trade is that factors of production such as capital and labour are typically more mobile within a country than across countries.Q.Which one of the following has a major impact on international trade?

Direction: In the following questions, you have two brief passages with 3 questions following each passage. Read the passages carefully and choose the best answer to each question out of the four alternatives.PASSAGEInternational trade represents a significant share of Gross Domestic Product (GDP). While international trade has been present throughout much of history, its economic, social and political importance has been on the rise in recent centuries. Industrialization, advances in tecnology, transportation, globalization, multinational corporations, and outsourcing are all having a major impact on the international trade system. Increasing international trade is crucial to the continuance of globalization. International trade is, in principle, not different from domestic as the motivation and the behaviour of parties is across a border or not. The main difference is that international trade. Another difference between domestic and international trade is that factors of production such as capital and labour are typically more mobile within a country than across countries.Q.According to the author, increasing international trade?

Direction: In the following questions, you have two brief passages with 3 questions following each passage. Read the passages carefully and choose the best answer to each question out of the four alternatives.PASSAGEInternational trade represents a significant share of Gross Domestic Product (GDP). While international trade has been present throughout much of history, its economic, social and political importance has been on the rise in recent centuries. Industrialization, advances in tecnology, transportation, globalization, multinational corporations, and outsourcing are all having a major impact on the international trade system. Increasing international trade is crucial to the continuance of globalization. International trade is, in principle, not different from domestic as the motivation and the behaviour of parties is across a border or not. The main difference is that international trade. Another difference between domestic and international trade is that factors of production such as capital and labour are typically more mobile within a country than across countries.Q. What is the main difference between international and domestic trade?

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What is Gross Domestic Product (GDP)?a)The total value of goods and services currently produced within the domestic territory of a country.b)The total market value of all intermediate goods.c)The total value of goods produced in the previous periods.d)The total value of goods and services produced in the future.Correct answer is option 'A'. Can you explain this answer?
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