GENERAL KNOWLEDGE

Detailed explanation-1: -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-2: -It’s called GDP, or ‘gross domestic product’-the total value of everything a country produces and sells. It’s a measurement of cold hard cash and doesn’t distinguish between food, medicine and even weapons.

Detailed explanation-3: -GDP is an accurate indicator of the size of an economy and the GDP growth rate is probably the single best indicator of economic growth, while GDP per capita has a close correlation with the trend in living standards over time.

Detailed explanation-4: -Gross domestic product (GDP) is a monetary measure of the market value of all final goods and services produced in a period (quarterly or yearly). National net wealth, is the total sum value of monetary assets minus liabilities of a given nation.

Detailed explanation-5: -GDP measures the monetary value of goods and services produced within a country’s borders in a given time period, usually a quarter or a year. Changes in output over time as measured by the GDP are the most comprehensive gauge of an economy’s health.