ECONOMICS
GDP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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GDP is defined as the market value of all finished goods and services produced in a country during a certain period of time.
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a measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food and medical care
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Either A or B
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None of the above
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Detailed explanation-1: -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-2: -Gross domestic product (GDP) is the standard measure of the value added created through the production of goods and services in a country during a certain period. As such, it also measures the income earned from that production, or the total amount spent on final goods and services (less imports).
Detailed explanation-3: -GDP or Gross Domestic Product is the monetary value of all goods and services produced within a country’s geographical boundaries during a given period. It is an indicator of the ‘size of an economy’.