The statement is True. According to the Solow growth model, all countries will converge toward the same level of GDP per worker if given enough time.
GDP can be calculated by way of including up all of the cash spent via customers, corporations, and the authorities in a given duration. it could also be calculated by using including up all of the money received by means of all of the members inside the financial system. In both cases, the number is an estimate of "nominal GDP."
Gross home product is the economic degree of the market cost of all the final items and services produced in a selected time period by using international locations. due to its complicated and subjective nature, this degree is regularly revised earlier than being considered a dependable indicator.
GDP isn't a measure of “wealth” in any respect. it's miles a measure of income. it is a backward-searching “go with the flow” measure that tells you the cost of goods and services produced in a given duration within the past. It tells you nothing about whether you could produce the same quantity again the subsequent yr.
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