In 1969,frustrated by the Lack of Progress in LAFTA,Bolivia,Chile,Colombia,Ecuador,and Peru

question 56

True/False

In 1969,frustrated by the lack of progress in LAFTA,Bolivia,Chile,Colombia,Ecuador,and Peru joined in creating the Andean Group,which aimed to create economic integration through reduced taxes,a common external tariff,and investment in the poorer industrial areas of their respective countries.

---

Definitions:

Nominal GDP

The market value of all final goods and services produced within a country in a given period, measured in current prices without adjusting for inflation.

Real GDP

Gross Domestic Product adjusted for inflation, providing a more accurate measure of an economy's size and how it's grown over time.

Market Basket

A representative collection of goods and services used to track price changes for consumer expenditure and calculate inflation rates.

Base Year

A reference year against which economic or financial data is compared and indexed.