8 GDP is the market value of the total goods and services produced within a coun

Question

8 GDP is the market value of the total goods and services produced within a country for a specified period of time. It has been considered an indicator of the standard of living within a country but there are problems with this concept as it cannot take into account the black market, barter and the different ways that countries calculate GDP O True False QUESTION 9 9. The classification for the world's lower-income nations, which are less technically developed countries are O a industralized countries o b developing countries C 3rd world countries poor countries none of the above o d

Explanation / Answer

8) The correct choice is True

Explanation : - The GDP does not measure illegal production, even though many such goods and services are sold on the market and generate factor incomes.

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9) The correct choice is d. poor countries

Explanation : - Low-income countries are primarily agrarian nations with little industrialization and low levels of national and personal income.

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