ECONOMICS
ECONOMIC GROWTH
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Adding up how many natural resources it has
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Looking at a nations GDP and GDP per capita
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Adding up how many entrepreneurs a nation has
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Asking all citizens to complete the census every 10 years
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Detailed explanation-1: -Gross domestic product per capita measures a country’s economic output per person and is calculated by dividing the GDP of a country by its population.
Detailed explanation-2: -The most common way to measure the economy is real gross domestic product, or real GDP. GDP is the total value of everything-goods and services-produced in our economy.
Detailed explanation-3: -The standard way of measuring a country’s economic success is to look at per capita gross domestic product-the total output of goods and services divided by population. The more cars and computers produced and the more doctor visits and restaurant meals per person, the better the economy is thought to be doing.
Detailed explanation-4: -The GDP is the total of all value added created in an economy. The value added means the value of goods and services that have been produced minus the value of the goods and services needed to produce them, the so called intermediate consumption.
Detailed explanation-5: -GDP per capita is the sum of gross value added by all resident producers in the economy plus any product taxes (less subsidies) not included in the valuation of output, divided by mid-year population.