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Questions and Answers
Which of the following best describes GDP?
Which of the following best describes GDP?
- The total value of goods and services consumed within a country over a specific time period
- The total value of goods and services exported by a country over a specific time period
- The total value of goods and services imported by a country over a specific time period
- The total value of goods and services produced within a country's borders over a specific time period (correct)
What does GDP per capita measure?
What does GDP per capita measure?
- The average income of a country
- The total value of goods and services produced by a country
- The average standard of living in a country (correct)
- The total population of a country
Why is GDP significant for policymakers?
Why is GDP significant for policymakers?
- To measure economic performance
- To promote growth and stability (correct)
- To determine the standard of living
- To identify trends in the economy
How does a higher GDP per capita impact living conditions?
How does a higher GDP per capita impact living conditions?
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What does a higher GDP generally indicate?
What does a higher GDP generally indicate?
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