What is advantage of GDP?

Q: What would happen to measured GDP if more people started hiring workers to do house chores such as…

A: GDP is the gross domestic product which is calculated by taking into account the values of final…

Q: If you were in charge of regulating the way GDP is calculated, would you include illegal activities…

A: The total monetary or market worth of all finished goods and services produced within a country's…

Q: Which is a better economic indicator, GDP or GNP and explain why?

A: GDP or Gross domestic product refers to the sum total of the final value of all the goods and…

Q: Why the components of GDP exhibit behaviors much different than GDP itself?

A: Gross Domestic Product refers to the sum total of the goods and services produced in the economy…

Q: importance of real gdp over nominal gdp

A: GDP: Gross domestic product refers to the total monetary value of goods and services produced in a…

Q: What components of GDP tend to decline significantly during recessions (particularly during the 2008…

A: Recession is a temporary period of economic decline which leads to a fall in GDP for two successive…

Q: What is GDP? What are the major components of GDP measured by the expenditure method?

A: National income is the sum of all the income earned by individuals and businesses within a country…

Q: When comparing the GDP of different countries, two issues immediately arise. What are these issues…

A: GDP: Gross domestic product refers to the market value of all the commodities that are produced by…

Q: Real GDP versus Nominal GDP?

A: When talking about GDP, it can be said that it is calculated in two ways that are real GDP and…

Q: How is GDP a false beacon?

A: "Gross domestic product is the money value of all goods and services produced in the domestic…

Q: What two thing gdp measure?

A: GDP: It refers to the goods and services which has been produced in an economy. The more the GDP of…

Q: Explain GDP in detail.  Asap

A: Gross Domestic Product (GDP) is a fundamental measure used to gauge the economic performance of a…

Q: What are the three views on GDP and how do they differ from each other? Since they measure output…

A: GDP refers to the total output or income generated by the people of a county in a specific year. It…

Q: How is GDP calculated?

A: Macroeconomics analyzes the economy as a whole. It discusses national income, employment, inflation,…

Q: In measuring GDP, How does income approach differs to expenditures approach?

A: Answer is given below

Q: how to compute for change in gdp

A: In an economy, gross domestic product can be computed in different ways as they all provide same…

Q: What is GDP at factor cost

A: GDP stands for Gross domestic product  To understand GDP at factor cost we first understand the GDP…

Q: Should we continue to measure GDP as we do now?

A: Gross Domestic Product (GDP) has long been recognized as being less than sufficient as a measure of…

Q: value added" and how it can be used to calculate GDP

A: GDP means the total value of final goods and services produced in an economy during a period.  GDP…

Q: Identify 2 possible exclusions to GDP and discuss why they have to be excluded.

A: GDP means the  total  market value of goods and services produced domestically during the year.…

Q: What are the main components of measuring GDP with what is demanded? (briefly)

A: aggreagate demand is defined as the total demand of goods and services within an economy. Now, AD =…

Q: Can you give two examples of goods or services that are in GDP and two examples of goods or services…

A: Gross domestic product(GDP) measures the money value of all final goods and services produced in an…