Question

1. What is meant by GDP?
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Answer 1

Answer:

Gross domestic product (GDP) is the monetary value of all finished goods and services made within a country during a specific period. GDP provides an economic snapshot of a country, used to estimate the size of an economy and growth rate. GDP can be calculated in three ways, using expenditures, production, or incomes.

Answer 2

Answer:

Gross domestic product (GDP) is the most commonly used measure for the size of an economy.

Explanation:

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