ECONOMICS
GDP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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real gross domestic product
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gross domestic product & gross national product
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gross national product
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gross domestic product
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Detailed explanation-1: -GDP is the total money value of all final goods and services produced in a country in a year.
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: -Market price of the final goods and services including depreciation produced within the domestic territory of a country during an accounting year is called GDP at market price.
Detailed explanation-4: -Definition: GDP is the final value of the goods and services produced within the geographic boundaries of a country during a specified period of time, normally a year.
Detailed explanation-5: -If, for example, Country B produced in one year 5 bananas each worth $1 and 5 backrubs each worth $6, then the GDP would be $35. If in the next year the price of bananas jumps to $2 and the quantities produced remain the same, then the GDP of Country B would be $40.