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What does GDP stand for in economic terms? (2023)
What does GDP stand for in economic terms? (2023)
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Practice Questions
1 question
Q1
What does GDP stand for in economic terms? (2023)
Gross Domestic Product
General Domestic Product
Gross Development Product
General Development Product
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GDP stands for Gross Domestic Product, which measures the economic performance of a country.
Questions & Step-by-step Solutions
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Q
Q: What does GDP stand for in economic terms? (2023)
Solution:
GDP stands for Gross Domestic Product, which measures the economic performance of a country.
Steps: 4
Show Steps
Step 1: Understand that GDP is an abbreviation.
Step 2: Know that GDP stands for 'Gross Domestic Product'.
Step 3: Recognize that GDP measures the total value of all goods and services produced in a country.
Step 4: Realize that GDP is used to assess the economic performance of a country.
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