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Questions and Answers
Which one of the following best defines GDP?
Which one of the following best defines GDP?
- A measure of the market value of all goods and services produced in a specific time period (correct)
- A measure of the market value of all services produced by a country
- A measure of the market value of all goods produced by a country
- A measure of the market value of all goods and services consumed by a country
Which organization defines GDP as the sum of the gross values added of all resident and institutional units engaged in production and services?
Which organization defines GDP as the sum of the gross values added of all resident and institutional units engaged in production and services?
- United Nations
- Organisation for Economic Co-operation and Development (OECD) (correct)
- International Monetary Fund (IMF)
- World Bank
What is the main purpose of using GDP?
What is the main purpose of using GDP?
- To measure the economic health of a specific time period
- To measure the economic health of multiple countries
- To measure the economic health of a specific industry
- To measure the economic health of a single country (correct)
Why is GDP often revised before being considered a reliable indicator?
Why is GDP often revised before being considered a reliable indicator?
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What does GDP measure?
What does GDP measure?
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Which of the following is NOT a characteristic of GDP?
Which of the following is NOT a characteristic of GDP?
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What does GDP measure in a country?
What does GDP measure in a country?
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Which organization is responsible for maintaining GDP definitions?
Which organization is responsible for maintaining GDP definitions?
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What is the formula for calculating GDP according to the OECD?
What is the formula for calculating GDP according to the OECD?
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What is the main purpose of using GDP?
What is the main purpose of using GDP?
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