ECONOMICS
ECONOMIC GROWTH
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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the amount of goods a country produces that is not sold or used in the country
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the total amount of goods a country IMPORTS from other countries in a year
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the total value of goods and services produced by a country in a year
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the total amount of goods a country EXPORTS to other countries in a 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: -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).
Detailed explanation-3: -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-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: -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.