ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Yes
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No
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Either A or B
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None of the above
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Detailed explanation-1: -Not all productive activity is included in GDP. For example, unpaid work (such as that performed in the home or by volunteers) and black-market activities are not included because they are difficult to measure and value accurately.
Detailed explanation-2: -Measuring GDP involves counting up the production of millions of different goods and services-smart phones, cars, music downloads, computers, steel, bananas, college educations, and all other new goods and services produced in the current year-and summing them into a total dollar value.
Detailed explanation-3: -GDP = private consumption + gross private investment + government investment + government spending + (exports – imports). GDP is usually calculated by the national statistical agency of the country following the international standard.
Detailed explanation-4: -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.