Question

He is the .................. of the two brothers.
( Choose the correct option )

• A. younger
• B. more young
• C. young
• D. youngest

Hint:

GDP is the most reliable and commonly used metric for measuring economic growth. However, keep in mind that other measures like GNP and NDP may provide additional insights.

Answer 1

The Correct Option is A

Step 1: Understanding the Concept of Economic Growth:
Economic growth refers to the increase in a country’s production of goods and services, measured over time. The growth is typically measured by an increase in the Gross Domestic Product (GDP). GDP is the total market value of all goods and services produced within a country during a specific time period. This is the most direct indicator of a country’s economic performance.
Step 2: Understanding the Measurement Options:
- Gross Domestic Product (GDP): This is the total value of all goods and services produced within a country. It is the standard measure for comparing economic growth across different countries or time periods. Economic growth is often reflected in the rise of GDP over time.
- Net Domestic Product (NDP): While NDP adjusts GDP for depreciation (the reduction in the value of capital goods), it is not as widely used to measure overall economic growth, because it does not account for income from abroad or adjustments for inflation.
- Gross National Product (GNP): GNP considers the total income of the nation’s residents, including those earned abroad. While it is a good measure of the overall economic activity of a country's people, it doesn't always reflect domestic production.
- Per Capita Real Income: This refers to the income of an average person in a country, adjusted for inflation. It gives an idea about the standard of living rather than economic growth. A higher per capita income might indicate better living standards, but it doesn't necessarily correlate with growth in the economy as a whole.
Step 3: Analyzing the Correct Answer:
The most widely used measure for the economic growth of a country is Gross Domestic Product (GDP). It is universally accepted and offers the clearest picture of a country’s economic performance by including all production within the country. Therefore, Gross Domestic Product (GDP) is the correct answer.
Step 4: Final Conclusion:
Thus, the most appropriate measure of economic growth is Gross Domestic Product (GDP).