BMC Knowledge checks Questions and Answers 100% Solved

BMC Knowledge checks Questions and Answers 100% Solved In 2015, an accounting gimmick gave Ireland a 26% growth rate in GDP. What does this even reflect about the nature of GDP? ️️If the measurement of economic activity evolves, GDP can change. 5 essential economic indicators ️️Economic growth Inflation Unemployment Business Confidence Housing economic growth ️️the ability of the economy to increase the production of goods and services GDP = ? ️️C + I + G + (X-M) Consider the formula GDP = C + I + G + (X - M), A country is udnergoing a boom in consumption of domestic and foreign luxury goods. In one year, the dollar growth in imports is greater than the dollar growth in domestic consumption. Assuming nothing else has changed, what happened to GDP? ️️It went down; As imports act as a drag on GDP, the larger growth in imports offsets the growth in consumption, thereby causing GDP to decline