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Why don't more countries implement U.S. economic policies given the country's large GDP?

Question:

Why don't more countries implement U.S. economic policies given the country's large GDP?

Gross domestic product:

Gross domestic product is defined as the monetary value of all the products or services produced within the country over a period of time. GDP is used to calculate the economic growth. GDP is calculated in nominal and real terms.

Answer and Explanation:

The countries do not implement U.S. economic policies given the country's large GDP because all the economies are different in nature. The comparative advantage of U.S. may differ from the other countries. The resources that are available in the U.S. may not be available elsewhere. The size of the population and the political system adopted by various countries are different. The geographical area and the climate of the countries also differ. Therefore, the U.S. economic policies cannot be implemented by other countries.


Learn more about this topic:

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Gross Domestic Product: Definition and Components

from Economics 102: Macroeconomics

Chapter 4 / Lesson 3
59K

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