Question

List indicators or science of measurement used to measure strength of economy? GDP income literacy rate life expectancy

Answer 1

Answer:

GDP

Explanation:

The indicator or science of measurement used to measure the strength of economy of any nation is the GDP - Gross Domestic Product.

• GDP is one of the parameters used by economists as well as statistician to measure the strength of an economy.
• It is the monetary value of the total goods and services in a nation within a specified period of time.
• GDP gives an overview of the economy of a country and it is often computed annually.
• It helps policy makers and government to know the wellness of their economies.

Income, Literacy rate and life expectancy are not good tools to measure the strength of an economy compared to the GDP.