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The total market calue of all final goods and services produced in a year
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∙ 14y ago
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Advantages and disadvantage of using the GDP as a measure of productivity and economic health?
The advantages of using GDP as a measure of productivity and economic health is that GDP is universal and can be used to measure an economy's growth or decline. The disadvantage of using GDP as a measure of productivity and economic health is that it does not effectively measure the quality of products.
Is GDP a good measure?
no
What is GDP per capita used to measure?
The GDP per capita is used to measure a country's standard of living. It is calculated by dividing the country's GDP by its population, which better allows comparison of GDP between countries.
What does GDP gap measure the difference between?
GDP Gap measures the percent difference in Real and Potential GDP
How does a country measure its economic health?
GDP.. this is the answer.
Advantages and disadvantage of using the GDP as a measure of productivity and economic health?
The advantages of using GDP as a measure of productivity and economic health is that GDP is universal and can be used to measure an economy's growth or decline. The disadvantage of using GDP as a measure of productivity and economic health is that it does not effectively measure the quality of products.
Is GDP a good measure?
no
What is GDP per capita used to measure?
The GDP per capita is used to measure a country's standard of living. It is calculated by dividing the country's GDP by its population, which better allows comparison of GDP between countries.
What does GDP gap measure the difference between?
GDP Gap measures the percent difference in Real and Potential GDP
How does a country measure its economic health?
GDP.. this is the answer.
The amount by which potential GDP exceeds actual GDP is one measure of the?
Macroeconomic cost of unemployment
Is GDP a good measure of the prosperity of the averge person?
Would you say that real GDP per person is a useful measure of economic well-being ?Defend your answer.
What does GDP affect?
GDP is a measure, a better question is what affects GDP. GDP is, specifically a measure of a country's production. A higher GDP signals growth, efficient production, it may affect policy decisions, it may affect Federal Reserve decisions (money supply and interest rate, target inflation rate etc.)
What does the GDP measure and what does it leave out?
Catastrofes and big disasters
Why do economists use real GDP rather than nominal GDP to measure growth?
Real GDP reflects output more accurately than nominal GDP by using constant prices.
What is used to measure a country's economic welfare?
GDP per capita then you write it in dollars e.g the GDP per capita of the USA is $1.149 trillion
How does real GDP affect unemployment rate?
Real GDP is a measure of the economic output of a country. The absolute measure only tells you what that output was for a particular period. The more important measure for employment is the difference between real GDP and a theoretical real GDP which economists use to calculate the maximum output of an economy. When the gap between real GDP and maximum output GDP is large, the unemployment rate will be large and vice versa.
