Question : ______ is the market value of all final goods and services produced within a domestic territory of a country measured in a year.
Option 1: Gross margin
Option 2: Gross Domestic Product (GDP)
Option 3: Net National Product (NNP)
Option 4: Gross National Product (GNP)
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Correct Answer: Gross Domestic Product (GDP)
Solution : The correct answer is Gross Domestic Product (GDP) .
Gross Domestic Product (GDP) is the market value of all final goods and services produced within the domestic territory of a country within a specific time frame, usually measured annually. It serves as a comprehensive indicator of a nation's economic performance, encompassing various sectors and reflecting the overall health and growth of the economy. GDP includes consumer spending, government expenditures, business investments, and net exports, providing a broad overview of economic activity.
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Question : If we sum the gross value added of all the firms of the economy in a year, we get a measure of the value of the aggregate amount of goods and services produced by the economy in a year. Such an estimate is called ______.
Question : Which of the following formulas is correct for Gross Value Added(GVA)?
Question : If we deduct depreciation from GNP the measure of aggregate income that we obtain is called _____.
Question : The product method used to calculate the annual value of goods and services produced is also called___________.
Question : GDP calculated at some constant set of prices is called ____________.
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