Answered: IS GDP important for economic growth

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Economics

IS GDP important for economic growth

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter7: Macroeconomic Measurements, Part Ii: Gdp And Real Gdp

Section: Chapter Questions

Problem 10WNG

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Question

IS GDP important for economic growth

Definition Video Definition Overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period. Video

Expert Solution

Step 1

GDP (Gross Domestic Product) is the value of all final goods and services produced in the country during a period of time. Real GDP is an accurate measure of goods and services produced in the country at constant price. This is because, the real GDP is adjusted for removing inflation; so the values are always accurate.

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