What the strategy adopted by India to calculate the GDP of the country. b) What the strategy adopted by China to calculate the GDP of the country. c) Which strategy is better? Why?
What the strategy adopted by India to calculate the GDP of the country. b) What the strategy adopted by China to calculate the GDP of the country. c) Which strategy is better? Why?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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8-
India and China are the two major economies in the Asian continent. Both countries have a trillion-dollar GDP . Suppose to calculate the GDP of the year 2021, India has decided to use the prices and quantities of the year 2021 whereas China decided to use the prices of 2020 and quantities of 2021. You are required to answer the following.
a) What the strategy adopted by India to calculate the GDP of the country.
b) What the strategy adopted by China to calculate the GDP of the country.
c) Which strategy is better? Why?
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