ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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GDP
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subsidy
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import
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embargo
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Detailed explanation-1: -GDP is the sum total of the goods and services produced within a country, used to compare countries’ economic performance. GDP can be measured by calculating consumption and investment, the value of final goods, or total income.
Detailed explanation-2: -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-3: -GDP is the total money value of all final goods and services produced in a country in a year.
Detailed explanation-4: -What is it? Nominal GDP is the Gross Domestic Product without any effect of inflation. Real GDP is the inflation-adjusted GDP of a country. The Nominal GDP of a country is expressed in terms of current year prices of goods and services.
Detailed explanation-5: -What Is GDP Per Capita? Gross domestic product (GDP) per capita is a financial metric that breaks down a country’s economic output per person and is calculated by dividing the GDP of a nation by its population.