Basic Details
Word: GDP
Part of Speech: Noun
Meaning: GDP stands for Gross Domestic Product; it is the total value of all goods and services produced in a country within a specific time period.
Synonyms: Economic output, National income
Antonyms: N/A
Idioms and Phrases
- Grow the GDP: To improve a country's economic performance. Example: "The government introduced new measures to help grow the GDP this year."
- Measure the GDP: To assess a countrys economic activity. Example: "Economists often measure the GDP to evaluate how well off a nation is."
Usage Examples
Example 1: A healthy GDP indicates that the economy is growing and people are working well.
Example 2: Many factors can affect the GDP, including consumer spending and government investment.
Example 3: After the new policies were implemented, analysts noticed an increase in the GDP of the country.
Fun Fact
Did you know that the concept of GDP was first introduced during the 1930s by economist Simon Kuznets? It was developed as a way to measure economic performance during the Great Depression.
Famous Quote
"The GDP is a key indicator of a countrys economic health; however, it does not measure the well-being of its citizens." - Unknown
Multiple Choice Questions (MCQs)
1. What does GDP stand for?
a) Gross Domestic Product
b) General Development Programme
c) Gross Development Plan
d) General Domestic Product
Answer: a) Gross Domestic Product
2. Which of these is a synonym for GDP?
a) National income
b) Local spending
c) Family budget
d) Company profit
Answer: a) National income
3. Which statement best describes GDP?
a) It measures the total weight of a country.
b) It indicates a countrys total economic production.
c) It assesses a nations size in square kilometres.
d) It calculates the citizen population of a country.
Answer: b) It indicates a countrys total economic production.
4. What does the idiom grow the GDP mean?
a) To reduce a country's debt.
b) To improve economic performance.
c) To measure the unemployment rate.
d) To increase the population.
Answer: b) To improve economic performance.
5. What is the opposite of GDP?
a) N/A
b) Negative growth
c) Slow economy
d) Poor productivity
Answer: a) N/A
