Answer :
Final answer:
The macroeconomic goal measured by Gross Domestic Product (GDP) is economic growth, reflecting the total market value of goods and services produced in a country. An increase in GDP indicates a thriving economy, while a decrease may suggest economic challenges. Thus, GDP is a crucial metric for assessing economic health.
Explanation:
Understanding GDP and Economic Growth
The macroeconomic goal measured by Gross Domestic Product (GDP) is economic growth. GDP quantifies the total market value of all final goods and services produced within a country in a specific year. By evaluating GDP, economists can assess how well an economy is performing over time, particularly whether it is expanding or contracting.
To illustrate, a rise in GDP suggests that the economy is producing more goods and services, which typically indicates economic growth. For example, if the GDP of a country increases from [tex]$1 trillion to $[/tex]1.05 trillion, this 5% growth shows a thriving economic environment. Conversely, if GDP shrinks, it may signal potential economic difficulties, such as high unemployment or reduced consumer spending.
Conclusion
Overall, GDP serves as a key indicator of a country's economic health, specifically economic growth performance.
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