ECONOMICS
BUSINESS CYCLES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The market value of all final goods and services produced in a nation during a period of time, usually a year.
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The increase of general prices over time.
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When people do not have jobs and are actively looking for one.
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None of the above
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Detailed explanation-1: -Gross domestic product (GDP) is the standard measure of the value added created through the production of goods and services in a country during a certain period. As such, it also measures the income earned from that production, or the total amount spent on final goods and services (less imports).
Detailed explanation-2: -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-3: -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-4: -GDP is the total money value of all final goods and services produced in a country in a year. Q. GDP is the total money value of all final goods and services produced in a country in a year.
Detailed explanation-5: -GDP or Gross Domestic Product is the monetary value of all goods and services produced within a country’s geographical boundaries during a given period. It is an indicator of the ‘size of an economy’.