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Answers
Answer:
Gross domestic product (GDP) is the total monetary or market value of all the finished goods and services produced within a country's borders in a specific time period. ... Though GDP is typically calculated on an annual basis, it is sometimes calculated on a quarterly basis as well.
Step-by-step explanation:
GDP can be calculated by adding up all of the money spent by consumers, businesses, and government in a given period. It may also be calculated by adding up all of the money received by all the participants in the economy. In either case, the number is an estimate of "nominal GDP."
3).Double counting in accounting is an error whereby a transaction is counted more than once, for whatever reason. But in social accounting it also refers to a conceptual problem in social accounting practice, when the attempt is made to estimate the new value added by Gross Output, or the value of total investments.
It is, therefore, essential that the element of double counting erupting in final product approach should be avoided. The problem of double counting is solved by Value added approach according to which chances of double counting are automatically eliminated.