ECONOMICS
GDP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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US GDP increases
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US GDP decreases
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No change
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US Net exports increases
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Detailed explanation-1: -GDP = GDP at market price – depreciation + NFIA (net factor income from abroad) – net indirect taxes. Income Approach : The Income approach of GDP calculation is based on the total output of a nation with the total factor income received by residents or citizens of a nation.
Detailed explanation-2: -a price index used to adjust nominal GDP to find real GDP; the GDP deflator measures the average prices of all finished goods and services produced within a nation’s borders over time.
Detailed explanation-3: -The official measure of GDP does not include measurements of leisure time available, nonmarket production, production in the underground economy, the distribution of income, or production externalities (e.g., pollution).
Detailed explanation-4: -Net exports = Total exported goods and services-Total imported goods and services. Net exports as GDP percentage = (Net exports in dollar amount / GDP) x 100. Net imports = Total imported goods and services-Total exported goods and services. 29-Jun-2021