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Economy - Basics of Economy (GDP) Video Lecture | Economy for UPSC 2024 (Pre & Mains)
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FAQs on Economy - Basics of Economy (GDP) Video Lecture - Economy for UPSC 2024 (Pre & Mains)
| 1. What is GDP and why is it important for an economy? |  |
Ans.GDP, or Gross Domestic Product, is the total monetary value of all goods and services produced within a country's borders in a specific time period. It is important because it serves as a comprehensive measure of a nation's overall economic activity and health, helping policymakers, economists, and investors make informed decisions.
| 2. How is GDP calculated? | |
Ans.GDP can be calculated using three main approaches: the production approach, which sums the value of all final goods and services produced; the income approach, which totals all incomes earned by factors of production; and the expenditure approach, which adds up all expenditures made in an economy, including consumption, investment, government spending, and net exports.
| 3. What are the limitations of using GDP as an economic indicator? | |
Ans.While GDP is a useful measure of economic performance, it has limitations. It does not account for the distribution of income among residents, the informal economy, environmental degradation, or unpaid work, such as household labor. Additionally, GDP growth does not necessarily reflect improvements in quality of life or well-being.
| 4. What is the difference between nominal GDP and real GDP? | |
Ans.Nominal GDP measures a country's economic output using current prices, without adjusting for inflation. In contrast, real GDP adjusts for inflation, providing a more accurate reflection of an economy's size and how it changes over time. Real GDP is often used to compare economic performance across different time periods.
| 5. How does GDP affect government policy and economic planning? | |
Ans.GDP influences government policy and economic planning by providing insights into the state of the economy. High GDP growth may lead to expansionary policies, such as increased public spending, while low or negative growth could prompt austerity measures. Policymakers use GDP data to make decisions regarding taxation, investment, and social programs to promote sustainable economic growth.
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Dec 21, 2024 Last updated |
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