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1) What is GDP?
GDP is the dollar amount of all final goods and services produced within a country's national borders in a year.
2) How is GDP computed?
GDP is computed by using sample technique
3) Why do economists use sampling methods to measure GDP?
Economists use sampling methods to measure GDP, because creating a list would be far to long to compile for todays economy government and its also used for estimating the quantity and the respective prices.
4) Why are intermediate products and secondhand sales excluded from GDP?
Intermediate products are excluded because products used in marketing are already counted in GDP. Second hand sales are excluded from GDP, because the sales are used as goods.
5) What are 5 factors to take in account when considering GDP?
5 factors that are taken in account when considering GDP are reporting delay, composition of output, quality of life, exclusion of nonmarket activities, and illegal activities.
6) What are 2 aspects of the economy that GDP measures?
2 aspects of economy that GDP measures economic performance and economic health
GDP is the dollar amount of all final goods and services produced within a country's national borders in a year.
2) How is GDP computed?
GDP is computed by using sample technique
3) Why do economists use sampling methods to measure GDP?
Economists use sampling methods to measure GDP, because creating a list would be far to long to compile for todays economy government and its also used for estimating the quantity and the respective prices.
4) Why are intermediate products and secondhand sales excluded from GDP?
Intermediate products are excluded because products used in marketing are already counted in GDP. Second hand sales are excluded from GDP, because the sales are used as goods.
5) What are 5 factors to take in account when considering GDP?
5 factors that are taken in account when considering GDP are reporting delay, composition of output, quality of life, exclusion of nonmarket activities, and illegal activities.
6) What are 2 aspects of the economy that GDP measures?
2 aspects of economy that GDP measures economic performance and economic health