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Questions
Write the importance of Gross Domestic Product.
Explain the importance of Gross Domestic Product.
Solution 1
The GDP is one of the primary indicators used to measure the health of a country’s economy. It represents the total dollar value of all goods and services produced over a specific time period, often referred to as the size of the economy.
Solution 2
- It measures a country's economic performance.
- Higher GDP indicates economic growth and prosperity.
- It helps in comparing the economies of different nations.
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