ECONOMICS
GDP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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False
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True
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Either A or B
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None of the above
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Detailed explanation-1: -GDP in 2009 does not change because home production is not included in GDP. e. GDP in 2009 does not change because financial transactions do not represent the production of final goods and services and are not included in GDP.
Detailed explanation-2: -What was real GDP in 2014 measured in 2009 prices? Thus, using 2009 prices, the real GDP in 2014 is $16, 084.03 billion.
Detailed explanation-3: -GDP = private consumption + gross private investment + government investment + government spending + (exports – imports). GDP is usually calculated by the national statistical agency of the country following the international standard.
Detailed explanation-4: -Not all productive activity is included in GDP. For example, unpaid work (such as that performed in the home or by volunteers) and black-market activities are not included because they are difficult to measure and value accurately.