ECONOMICS
GDP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Increase by $5, 000
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Increase by $4, 000
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Increase by $ 1, 000
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Decrease by $4, 000
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Decrease by $1, 000
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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: -While there are a number of different ways to measure economic growth, the best-known and most frequently tracked and reported measure is gross domestic product (GDP).
Detailed explanation-3: -The value of all final goods and services produced in each sector gives us the total production of that sector. By adding the total product of all the three sectors (primary, secondary, and tertiary), we determine the GDP of the country during a particular year.
Detailed explanation-4: -The expenditure approach to calculating gross domestic product (GDP) takes into account the sum of all final goods and services purchased in an economy over a set period of time. That includes all consumer spending, government spending, business investment spending, and net exports.