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Question

The concept of GDP as a standard tool for sizing up a country’s economy was first conceived by____

A John Maynard Keynes Correct Answer Incorrect Answer
B Adam Smith Correct Answer Incorrect Answer
C Simon Kuznets Correct Answer Incorrect Answer
D Paul Samuelson Correct Answer Incorrect Answer
E None of the above Correct Answer Incorrect Answer

Solution

The modern concept of GDP was first conceived by Simon Kuznets, 1937. It is the value of all fi nal goods and services produced within the boundary of a nation within its border during a year period.   In 1944, following the Bretton Woods conference that established international financial institutions such as the World Bank and the International Monetary Fund, GDP becomes the standard tool for sizing up a country’s economy.

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