GDP Definitions Quiz

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Which organization defines GDP as an aggregate measure of production equal to the sum of the gross values added of all resident and institutional units engaged in production and services?

The Organisation for Economic Co-operation and Development (OECD) (correct)

The World Bank

The International Monetary Fund (IMF)

The United Nations

What is GDP?

A measure of the economic health of a country

A monetary measure of the market value of all the final goods and services produced in a specific time period by a country or countries (correct)

A measure of the monetary value of all goods and services produced in a country

A measure of the monetary value of final goods and services bought by the final user

Who uses GDP to measure economic health?

The Organisation for Economic Co-operation and Development (OECD)

The International Monetary Fund (IMF)

The government of a single country (correct)

The World Bank

What does GDP measure according to the IMF?

<p>The monetary value of final goods and services bought by the final user produced in a country in a given period of time</p> Signup and view all the answers

Why is GDP often revised before being considered a reliable indicator?

<p>Due to its complex and subjective nature</p> Signup and view all the answers

GDP Definitions Quiz

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Questions and Answers

Which organization defines GDP as an aggregate measure of production equal to the sum of the gross values added of all resident and institutional units engaged in production and services?

What is GDP?

Who uses GDP to measure economic health?

What does GDP measure according to the IMF?

Why is GDP often revised before being considered a reliable indicator?

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