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In terms of GDP, which one of the following is the largest economy ?

In terms of GDP, which one of the following is the largest economy ? Correct Answer China

The United States is the world's largest economy with a GDP of approximately $20.513 trillion, notably due to high average incomes, a large population, capital investment, low unemployment, high consumer spending, a relatively young population, and technological innovation.

Related Questions

Consider the following statements about the GDP Deflator. 1. GDP deflator is the ratio of nominal GDP to real GDP. 2. GDP deflator indicates the change in the price level between the base year and the current year. 3. While calculating GDP deflator, the volume of production is considered as fixed. Which of statements given above is/are correct?
Which of the following statements are true/ false?
1. In the market economy, the prices are determined by the level of demand and supply in the market.
2. Mixed economy is an economic system in which both the private and public sector have equal roles to play.
3. Planned economy is also known as a centralised economy, controlled economy or command economy.
4. In the market economy, governments do not have much role to play.
Given below are certain facts about the economy of China. Choose the option which contains correct facts. A. In terms of manufacturing, China is the largest economy. B. It is the second largest economy in terms of Purchasing Power parity. C. The economic development in China has not been uniform, with more in some provinces. D. The economic reforms of 1975 helped China to become one of the major economies of the world.
In the following sentence, a part of the sentence is underlined. Below are given alternatives to the underlined part, which may improve the sentence. Choose the correct alternative. In case no improvement is needed, choose the alternative that indicates 'No improvement'. Despite the government's fiscal constraints to pump-prime the economy, the RBI may have room to cut rates to help the economy grow. A. to prime the economy B. to priming the economy C. to pumping the economy
In terms of GDP, Which one of the following is the 2nd largest economy ?
The question given below consists of a statement, followed by three arguments numbered I, II and III. You have to decide which of the arguments is/are ‘strong’ arguments and which is/are ‘weak’ arguments and accordingly choose your answer from the alternatives given below each question. Statement: Malaysia has set up a trust fund for the public to donate money in order to help the government repay the country's debt. Malaysia's Finance Ministry said the fund would be called Malaysia Hope Fund and the contributions must be made in cash. Will this help to gain financial stability? Arguments: I. Yes, Malaysia's national debt amounts to $250.8 billion which is 80% of its GDP. II. No, Malaysia's debt amounts to $250.8 billion which is 8% of its national GDP. III. Yes, 80% of Malaysia's GDP amounts to a debt amount of about $250.8 billion.
Consider the following statements about GDP Deflator: 1. It is an index number which measures inflation. 2. It is used to get the value of Nominal GDP from Real GDP. Select the correct option from below:
which of the following statements is/are correct? a) Green GDP is defined as data obtained after the deduction of the cost of resources, environment, and human health from the traditional GDP. b) In 2006, the Japanese government released its Green GDP for Yangshan Deep-water Port.
Consider the following statements: 1. The Fiscal Responsibility and Budget Management (FRBM) Review Committee Report has recommended a debt to GDP ratio of 60% for the general (combined) government by 2023, comprising 40% for the Central Government and 20% for the State Governments. 2. The Central Government has domestic liabilities of 21% of GDP as compared to that of 49% of GDP of the State Governments. 3. As per the Constitution of India, it is mandatory for a State to take the Central Government's consent for raising any loan if the former owes any outstanding liabilities to the latter. Which of the statements given above is/are correct?
The bar graph shows GDP for the year 2017, in billion USD, of six countries which have united to form a free trade block, GDP of which country constitutes 1/5th of the total GDP of these 6 countries?