ECONOMICS
GDP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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NNP
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Real GDP
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Nominal GDP
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Total GDP
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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 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-3: -Gross national income (GNI) is defined as gross domestic product, plus net receipts from abroad of compensation of employees, property income and net taxes less subsidies on production.
Detailed explanation-4: -GDP is the total market value of all final goods and services produced within the given country in a given period of time. It takes into account the market prices for goods. Transfer payments are excluded from GDP.