ECONOMICS (CBSE/UGC NET)

ECONOMICS

ECONOMIC GROWTH

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
If someone says that the country of China is worth over $12 trillion dollars, they are talking about their
A
human capital
B
GDP
C
capital goods
D
GDP per capita
Explanation: 

Detailed explanation-1: -$18.321 trillion (nominal; 2022 est.) $30.074 trillion (PPP; 2022 est.)

Detailed explanation-2: -Gross Domestic Product (GDP) is a key indicator of a nation’s overall economic size and power. GDP is generally defined as the total market value of all the finished goods and services produced within a country’s borders in a specific time period.

Detailed explanation-3: -Real GDP in China is estimated to be $15.802 trillion US dollars at the end of 2022. The economy of China has grown at an average annual growth rate of 4.9% in the last four years and is ranked the 1st largest economy in Asia-Pacific, ahead of India.

Detailed explanation-4: -Over the past 10 years the global economy has grown by over 35%. China’s share of Global GDP in 2022 was 18.5% once allowances were made for base year and informal economy size.

There is 1 question to complete.