When economists determine that a nation’s GDP has declined, they can point to this as a sign of
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When the economists say that the GDP of a country has decreased what they mean is that the nation is suffering from economic decline.
Which in other words means that the nation is producing less than it used to as compared to the previous year's GDP.
As a result, the economy of the nation is not increasing but decreasing.
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When economists determine the GDP of the nation is declining, that is the sign of economic decline in the country.
Explanation:
- GDP measures the total wealth of the country by measuring the output of 'goods and services produced' or manufactured in the country over a certain period of time.
- If the GDP of the country is increasing then it means that the country is getting richer.
- However, if the GDP is decreasing then it means that the country is getting poorer. However, it does not indicate the inequality in income.
Learn more about GDP:
Explain the meaning of GDP. Assess the contribution of secondary and tertiary sectors to the GDP of India.
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Actual gross domestic product (gdp) is ________ equal to potential gdp
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