ECONOMICS
ECONOMIC DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The value of goods and services produced by a country
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The number of people living in a country
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The average wage of the population
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Its how many points the country has gained on the HDI from the previous year.
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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: -Gross Domestic Product or GDP is referred to as the total monetary value of all the final goods and services produced within the geographic boundaries of a country, during a given period (usually a year). Gross Domestic Product is one of the most important indicators of the economic status of a country.
Detailed explanation-4: -Gross Domestic Product is the monetary value of all goods and services produced in a country in a specific time period. It is a measure of a country’s economic growth. With increased GDP, generally, the per capita income also increases.
Detailed explanation-5: -GDP = private consumption + gross private investment + government investment + government spending + (exports – imports). or, expressed in a formula: GDP = C + I + G + (X – M) GDP is usually calculated by the national statistical agency of the country following the international standard.