ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The total dollar value of a country’s goods divided by the country’s population.
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The level of comfort the average person in a country can reasonably afford.
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The measure of a country’s economic health, social conditions, and standard of living.
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The total dollar value of all the final goods and services produced within a country’s borders in a given year.
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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: -Real GDP in economics can be defined as the monetary value of all the final produced services and products measured at constant prices in the given fiscal year. Thus, it can be inferred that real GDP is measured on constant prices.
Detailed explanation-4: -U.S. gdp for 2021 was $23, 315.08B, a 10.71% increase from 2020. U.S. gdp for 2020 was $21, 060.47B, a 1.5% decline from 2019. U.S. gdp for 2019 was $21, 380.98B, a 4.13% increase from 2018. U.S. gdp for 2018 was $20, 533.06B, a 5.42% increase from 2017.
Detailed explanation-5: -In economic terms, the total market value of all final goods and services produced in a country in a given year is known as Gross Domestic Product (GDP).