ECONOMICS
ECONOMIC GROWTH
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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 in an economy
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The value of goods and services produced in an economy in a year
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The ttotal value of goods and services produced in a year
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The total value of goods and services produced in an economy in a year
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Detailed explanation-1: -Definition: GDP is the final value of the goods and services produced within the geographic boundaries of a country during a specified period of time, normally a year. GDP growth rate is an important indicator of the economic performance of a country.
Detailed explanation-2: -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-3: -GDP is the total money value of all final goods and services produced in a country in a year.
Detailed explanation-4: -U.S. gdp for 2021 was $23, 315.08B, a 10.71% increase from 2020. U.S. gdp for 2020 was $21, 060.47B, a 1.5% decline from 2019. U.S. gdp for 2019 was $21, 380.98B, a 4.13% increase from 2018. U.S. gdp for 2018 was $20, 533.06B, a 5.42% increase from 2017.
Detailed explanation-5: -Real gross domestic product (GDP) is a more accurate reflection of the output of an economy than nominal GDP.