ECONOMICS
INFLATION
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Gross Domestic Product (GDP)
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Gross National Product (GNP)
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Consumer Price Index (CPI)
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Producer Price ‘index (PPI)
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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: -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: -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-4: -The Output Method (all value added by each producer), The Income Method (all income generated) and. The Expenditure Method (all spending).