When comparing the GDP of different countries, two issues immediately arise. What are these issues and how does one account for these while comparing the GDP for different countries?

Q: Compare and analyze the two types of ranking (GDP and Per Capita GDP).

A: GDP stands for Gross Domestic product.

Q: What does Gross Domestic Product mean? Why do we need to use market value GDP? What for do we use…

A: The term GDP means gross domestic product, which the market value of all goods and services produced…

Q: On which basis the GDP of the country is decided?

A: Gross domestic product (GDP): It is the value of all finished or final goods and services produced…

Q: What items are included in the calculation of GDP using the income approach ?

A: GDP refers to market value of good and services produced in a country in current period of time  So…

Q: What are the two main difficulties that arise in comparing different countries's GDP?

A: The GDP is the Gross Domestic Product of a country which is equal to the total monetary value of all…

Q: What items are not included in the calculation of GDP in the economy of the country.

A: According to the given question  Gross Domestic Product is used by the economist to measure the…

Q: Which is a better economic indicator, GDP or GNP and explain why?

A: GDP or Gross domestic product refers to the sum total of the final value of all the goods and…

Q: What are the three measures of GDP? How are they calculated?

A: Gross domestic product is similar to another economic measure as it is used to compute the national…

Q: Which of the following would be included in the calculation of GDP? Repairs to your car done by…

A:

Q: Investigate what is gross domestic product GDP

A: Answer: Gross domestic product (GDP): GDP refers to the market value of all the goods and services…

Q: a. Calculate GDP as the value added in production. b. Calculate GDP as spending on final goods and…

A: Gross domestic product (GDP) is the standard proportion of the worth added made through the…

Q: Explain why comparing the GDPs of various nations might not tell you which nations are better off.

A: When talking about GDP of an economy, I can be said that the value of GDP provide information about…

Q: Which of the following is not included in gdp?

A: Option B Imports are not included in GDP. Imports are substracted from Exports to calculate Net…

Q: A car that is produces in 2012 is not sold until 2013. According the definition of GDP, in which…

A: Gross domestic product is the measure of national income of a specfiic year or time period and…

Q: What can the government of Pakistan do to improve their GDP?

A: GDP - Gross Domestic Product. It is the total value of goods and services that are produced in a…

Q: Explain three different approaches to calculate the GDP. Which approach should be used in the…

A: Gross Domestic Product (GDP) is the value of total final commodities and services produced in a…

Q: What is india total gdp?

A: The total monetary or market worth of all finished goods and services produced within a country's…

Q: Which economic activities should be considered in the calculation of GDP? Calculate the GDP of the…

A: GDP( Gross Domestic Product): The calculation of total monetary or market value of all the finished…

Q: 1. Find per capita GDP when the population is 100 million and GDP is $2 trillion. 2. Find per…

A: The per capita gross domestic product (GDP) is a financial measure that calculates a country's…

Q: Describe and compare three methods of measuring a country’s GDP ?

A: Gross domestic product (GDP) refers to the final value of goods and services produced in an economy…

Q: Which of the following is the way to show the output of a Kuwaiti company has a production unit…

A: The gross national income (GNI) is the entire amount of money earned by a country's citizens and…

Q: What are the main components of measuring GDP with what is produced?

A: The standard measure of value-added produced during a certain time by manufacturing goods and…

Q: How should we calculate a value for the things that GDP does not currently measure?

A: The Gross Domestic Product (GDP) is the summation of the money value of all the final goods and…

Q: What are the benefits should we get by calculating GDP?

A: The Gross Domestic Product (GDP) measures the market value of all the final goods and services…

Q: Discuss the Gross Domestic Product (GDP), highlighting the components and methods of calculating…

A: In economics, the final demand domestically can be described as the total demand for final services…

Q: Tom's Fruit uses only labour to collect wild tomatoes, which it sells for $50,000 to Tony's ketchup.…

A: GDP is calculated by adding the value of all finished goods and services that are produced within…

Q: What Are some of the shortcomings of the GDP

A: The Gross Domestic Product (GDP) is the summation of the money value of all the final goods and…

Q: WHAT IS REAL GDP AND NOMINAL GDP?

A: Meaning of Gross Domestic Product (GDP): Gross domestic product (GDP) is the monetary value of all…

Q: how to compute for change in gdp

A: In an economy, gross domestic product can be computed in different ways as they all provide same…

Q: As soon as you start comparing the GDP of other nations, you run into two problems. What exactly are…

A: Introduction GDP tells about the goods and services produced in a economy. It tells about the growth…

Q: Do you think that economists should place a dollar value on “goods” and “bads” when computing GDP?

A: In an economy, GDP is used as the measurement of national income using different methods as they all…

Q: Should we continue to measure GDP as we do now?

A: Gross Domestic Product (GDP) has long been recognized as being less than sufficient as a measure of…

Q: What difficulties exist when attempting to draw comparisons between countries like the U.S and China…

A: The market value of all final goods and services produced in the economic territory of the country…

Q: what problem the value added approach to measuring GDP solved

A: Value added approach of GDP calculation refers to the approach in which all the final goods and…

Q: What are the main components of measuring GDP with what is demanded?

A: GDP refers to the value of the final production of all the services and goods within a nation in a…

Q: Which of the following would be captured and included in the calculation of GDP? The cost of…

A: The gross domestic product (GDP)  refers to the money value or market value of all the finished or…

Q: a)A caterpillar tractor is made by a U.S firm producing in the United States. Is this production…

A: Gross Domestic Product is useful to determine how much output is generated, produced, or…

Q: What's the difference between GDP and GNP ?

A: GDP refers to the value of final goods and services produces in an economy within a year It can be…

Q: For each situation, identify if it is included in GDP, then identify the category C, I, G, or X-M…

A: Since we only answer up to 3 sub-parts we will answer the first 3. Please resubmit the question…