ECONOMICS
BUSINESS CYCLES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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total value of goods produced and services provided in a country during one year
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quick wi-fi connection
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total value of goods produced and in a country during one year
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total value of services provided in a country during one year
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Detailed explanation-1: -GDP is the sum total of the goods and services produced within a country, used to compare countries’ economic performance. GDP can be measured by calculating consumption and investment, the value of final goods, or total income. A 1% fall in the unemployment rate yields a roughly 3% rise in GDP.
Detailed explanation-2: -GDP is the total money value of all final goods and services produced in a country in a year.
Detailed explanation-3: -GDP measures the monetary value of final goods and services-that is, those that are bought by the final user-produced in a country in a given period of time (say a quarter or a year). It counts all of the output generated within the borders of a country.
Detailed explanation-4: -In economic terms, the total market value of all final goods and services produced in a country in a given year is known as Gross Domestic Product (GDP).
Detailed explanation-5: -GDP stands for “Gross Domestic Product” and represents the total monetary value of all final goods and services produced (and sold on the market) within a country during a period of time (typically 1 year).