Question

Economists often use a country's gross domestic product (GDP) to examine and interpret the country's larger economy. Why is a country's GDP a useful tool for this purpose?

Answer 1

The GDP measures the total value of all final goods and services produced in a particular nation in a given year

Step-by-step explanation:

the GDP (Gross Domestic Product) is the most commonly used parameter when it comes to evaluating a nation's economy, as well as often being connected with the standard of living of the people in that particular nation. This parameter represents the total value of all final goods and services that have been produced by a particular nation in a given year. This gives a nice and relatively accurate representation of the economy of a nation, how strong it is, its development, does it progress, stagnates, or regresses.