Basic Details
Word: GDP (Gross Domestic Product)
Part of Speech: Noun
Meaning: The total monetary value of all goods and services produced within a country's borders in a specific time period, used as a measure of a country's economic health.
Synonyms: National income, economic output, total production
Antonyms: Economic decline, recession, contraction
Idioms and Phrases
- Boost the GDP: Refers to increasing the country's economic output. Example: "The new infrastructure project is expected to boost the GDP significantly."
- GDP growth engine: Refers to a key sector or factor that drives economic growth. Example: "Technology has become the new GDP growth engine in many developed countries."
Usage Examples
Example 1: India's GDP grew by 7% in the last financial year, indicating strong economic recovery.
Example 2: A decline in consumer spending can negatively affect the GDP.
Example 3: Economists use GDP to compare the economic performance of different countries.
Fun Fact
Did you know that the concept of GDP was first developed in the 1930s by economist Simon Kuznets to measure the effects of the Great Depression? Today, it's one of the most widely used economic indicators worldwide.
Famous Quote
"GDP measures everything except that which makes life worthwhile." Robert F. Kennedy
Multiple Choice Questions (MCQs)
1. What does "GDP" stand for?
a) Gross Domestic Payment
b) General Development Plan
c) Gross Domestic Product
d) Government Debt Percentage
Answer: c) Gross Domestic Product
2. What does GDP measure?
a) Population growth
b) Total money in circulation
c) Total goods and services produced in a country
d) National debt
Answer: c) Total goods and services produced in a country
3. Which of the following is a synonym for GDP?
a) Inflation
b) Unemployment
c) Economic output
d) Recession
Answer: c) Economic output
4. Which situation is likely to decrease a country's GDP?
a) Increase in exports
b) Growth in the services sector
c) Fall in manufacturing output
d) High consumer spending
Answer: c) Fall in manufacturing output
5. What does the phrase "boost the GDP" imply?
a) Reduce taxes
b) Increase economic production and growth
c) Lower interest rates
d) Increase imports
Answer: b) Increase economic production and growth
