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Questions and Answers
Which one of the following accurately defines Gross Domestic Product (GDP)?
Which one of the following accurately defines Gross Domestic Product (GDP)?
- The total market value of all goods and services imported and exported by a country in a specific time period
- The total market value of all goods and services consumed within a country in a specific time period
- The total market value of all goods and services produced within a country in a specific time period (correct)
- The total market value of all goods and services produced and consumed within a country in a specific time period
Which of the following is the primary purpose of using GDP?
Which of the following is the primary purpose of using GDP?
- To measure the economic health of a country (correct)
- To determine the total production within a country
- To measure the total exports and imports of a country
- To determine the total consumption within a country
Who maintains the definitions of GDP?
Who maintains the definitions of GDP?
- The government of each country
- The Organisation for Economic Co-operation and Development (OECD)
- National and international economic organizations (correct)
- The International Monetary Fund (IMF)
What does GDP measure according to the IMF?
What does GDP measure according to the IMF?
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According to the OECD, how is GDP calculated?
According to the OECD, how is GDP calculated?
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Study Notes
Gross Domestic Product (GDP) Definition
- GDP is the total value of all final goods and services produced within a country's borders over a specific time period.
Purpose of Using GDP
- The primary purpose of using GDP is to estimate the size of a country's economy and its growth rate.
Maintenance of GDP Definitions
- The International Monetary Fund (IMF) maintains the definitions of GDP.
GDP Measurement
- According to the IMF, GDP measures the total value of all goods and services produced within a country's borders, including personal consumption, investment, government purchases, and net exports.
GDP Calculation
- According to the Organisation for Economic Co-operation and Development (OECD), GDP is calculated by adding up the expenditure of different groups on goods and services, including household consumption, investment, government spending, and exports, minus imports.
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