FREE GKT Economy and Business Questions and Answers

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What does GDP stand for in economics?

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GDP (Gross Domestic Product) is the total monetary value of all goods and services produced within a country's borders in a specific period, used to measure economic performance.

Which organization is known as the "lender of last resort"?

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The IMF is often called the "lender of last resort" as it provides financial assistance to countries facing severe economic crises to stabilize their economies.

What is the primary function of the World Trade Organization (WTO)?

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The WTO ensures that International trade flows smoothly, predictably, and freely by enforcing trade agreements and resolving disputes between nations.

Which country is the largest producer of crude oil in the world as of 2024?

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The United States is the largest producer of crude oil, thanks to advancements in shale oil extraction and hydraulic fracturing techniques.

What is a unicorn in the business world?

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In the business world, a unicorn refers to a privately-owned startup company with a valuation of over $1 billion, symbolizing rarity and success.

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