GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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What does GDP stand for?
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Gross Domestic Production
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Greater Domestic Product
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Greater Domestic Production
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Gross Domestic Product
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Explanation:
Detailed explanation-1: -Gross domestic product (GDP) is the most commonly used measure for the size of an economy. GDP can be compiled for a country, a region (such as Tuscany in Italy or Burgundy in France), or for several countries combined, as in the case of the European Union (EU).
Detailed explanation-2: -GDP = private consumption + gross private investment + government investment + government spending + (exports – imports). or, expressed in a formula: GDP = C + I + G + (X – M) GDP is usually calculated by the national statistical agency of the country following the international standard.
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