ECONOMICS
ECONOMIC GROWTH
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Total amount of money deposited in the bank each year.
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Total value of all natural resources in a country.
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Total value of goods and services produced in one year.
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Total value of goods and serviced produced in ten years.
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Detailed explanation-1: -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-2: -Gross national product (GNP) refers to the total value of all the goods and services produced by the residents and businesses of a country, irrespective of the location of production. GNP takes into account the investments made by the businesses and residents of the country, living both inside and outside the country.
Detailed explanation-3: -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-4: -Real GDP in economics can be defined as the monetary value of all the final produced services and products measured at constant prices in the given fiscal year. Thus, it can be inferred that real GDP is measured on constant prices.
Detailed explanation-5: -Gross domestic product (GDP) is the total monetary or market value of all the finished goods and services produced within a country’s borders in a specific time period. As a broad measure of overall domestic production, it functions as a comprehensive scorecard of a given country’s economic health.