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China Set to Topple U.S. As Biggest Economy Sooner After Virus" Bloomberg (January 14, 2021). Such a comparison of the size of economies is based on_________.

User Poida
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Answer:

the GDP.

Step-by-step explanation:

The GDP (gross domestic product) is the sum of all goods and services produced within an economy, excluding the value of the goods and services used up in production. There are three methods for measuring an economy's GDP. They are the income method, the expenditure method, and the production(output) method. The income method calculates the gross income for all the factors of production (rent, wages, interest, and profit). The expenditure method calculates the GDP to be equal to consumption + government spending + Investment + net exports. The production or output method uses the product value-added approach to compute the GDP.

User Sriram Sitharaman
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