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Questions and Answers
What does GDP measure?
What does GDP measure?
- The total amount of goods and services produced in a country (correct)
- The total number of people employed in a country
- The total amount of investments made in a country
- The total amount of money spent by consumers in a country
What do the letters GDP stand for?
What do the letters GDP stand for?
- General Development Parameters
- Gross Domestic Product (correct)
- Government Development Program
- Global Development Projects
Which of the following is a component of GDP?
Which of the following is a component of GDP?
- Net Export (correct)
- Real GDP
- Market Value Added
- Net Import
What is another name for Nominal GDP?
What is another name for Nominal GDP?
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Which of the following is NOT a component of GDP?
Which of the following is NOT a component of GDP?
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Study Notes
Gross Domestic Product (GDP)
- GDP stands for Gross Domestic Product
- Measures the total value of all final goods and services produced within a country's borders over a specific time period
Components of GDP
- Nominal GDP: The total value of goods and services at current prices
- Real GDP: The total value of goods and services adjusted for inflation
- Market Value: The total value of all final goods and services
Expenditure Approach
- Final Goods Expenditure: The total value of all final goods and services purchased
- Investment Expenditure: The total value of capital goods and inventories purchased by businesses and governments
- Consumer Expenditure: The total value of goods and services purchased by households
- Government Expenditure: The total value of goods and services purchased by government agencies
- Net Export: The total value of exports minus imports
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