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What is the Expenditure Approach to determining Gross Domestic Product?
c + ig +g + xn = GDP c + ig +g + xn = GDP
Why the expenditure and factor income approaches for measuring GDP yield the same results?
Because what goes in must come out.....
What are the types of GDP?
There are two types of GDP.such as 1)Potential GDP,2) Nominal GDP
Define potential GDP under what circumstances does actual real GDP fall short of potential GDP equal potential GDPand exceed potential GDP?
Potential GDP is basically the sum of growth in productivity, growth in labor force, and growth in number of hours worked. In a mature economy like the US, change in number of hours worked is insignificant and often ignored. -Potential GDP is the level of real GDP that the economy would produce if it were at full employment. When real GDP falls short of potential GDP the economy is not at full employment. When the economy is at full employment real GDP equals potential GDP. Real GDP can exceed potential GDP only temporarily as it approaches and then recedes from a business cycle peak.
What is meant by an 'increase in real GDP by 2 percent '?
GDP = gross domestic product
What is the Expenditure Approach to determining Gross Domestic Product?
c + ig +g + xn = GDP c + ig +g + xn = GDP
Why the expenditure and factor income approaches for measuring GDP yield the same results?
Because what goes in must come out.....
What is India's share of world GDP?
In terms of GDP(nominal) its app. 2% of world GDP.
What are the types of GDP?
There are two types of GDP.such as 1)Potential GDP,2) Nominal GDP
Define potential GDP under what circumstances does actual real GDP fall short of potential GDP equal potential GDPand exceed potential GDP?
Potential GDP is basically the sum of growth in productivity, growth in labor force, and growth in number of hours worked. In a mature economy like the US, change in number of hours worked is insignificant and often ignored. -Potential GDP is the level of real GDP that the economy would produce if it were at full employment. When real GDP falls short of potential GDP the economy is not at full employment. When the economy is at full employment real GDP equals potential GDP. Real GDP can exceed potential GDP only temporarily as it approaches and then recedes from a business cycle peak.
What is meant by an 'increase in real GDP by 2 percent '?
GDP = gross domestic product
What is Canadas GDP?
As of 2021, Canada's GDP is approximately $2 trillion USD.
What is the GDP for Japan and global GDP ranking?
The GDP of Japan is $4.38 trillion ranking it #2 in the world behind the US (International Monetary Fund 2007).
How can nominal GDP increase even though real GDP falls?
Primarily this happens because of increase in prices. Nominal GDP= GDP using current prices. Real GDP= GDP that takes prices changes into account. Let me give a very simple example, let's say: In year 1, the country produced 10 computers for 10 dollars each. So GDP for year 1= $100 In year 2, the country only produced 9 computers for 15 dollars each. So GDP for year 2 = $135 (9x15) In year 2,the nominal GDP has increased from $100 to $135. However, we measure real GDP using a base year, in this case year 1, so we use the price of year 1 to find the real GDP for year 2. Using prices of year 1 we have: 9 computers x $10 each = $90 of real GDP. Finally, you see that even nominal GDP for year 2 was $135, the real GDP was $90.
What is contribution of the reliance to India GDP?
2%
Real GDP is 30000 in year 1 and 31200 in year 2 what is the growth rate of its real GDP?
4%
What is the GDP per capita of France?
2 million
