ECONOMICS
GDP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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quantity of the goods and services produced in a given year, listed item by item, within a country.
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market value of the final goods and services produced in a given year within a country.
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measures the market value of the domestic labor in a given year within a country.
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market value of the final goods and services consumed by households in a given year within a country.
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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: -GDP stands for “Gross Domestic Product” and represents the total monetary value of all final goods and services produced (and sold on the market) within a country during a period of time (typically 1 year). GDP is the most commonly used measure of economic activity.
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: -Answer and Explanation: The statement, “Gross domestic product (GDP) measures total expenditures on final goods and services during a given period of time, ” is False. GDP measures total output, not total expenditures.
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.