BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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consumer income in an economy over a period of time
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capital accumulation in an economy over a period of time
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sales in an economy over a period of time
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final goods and services produced in an economy over a period of time
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Detailed explanation-1: -GDP stands for “Gross Domestic Product” and represents the total monetary value of all final goods and services produced (and sold on the market) within a country during a period of time (typically 1 year). GDP is the most commonly used measure of economic activity.
Detailed explanation-2: -The GDP of an economy can be measured by the total dollar value of what is purchased in the economy or by the total dollar value of what is produced. Understanding how to measure GDP is important for analyzing connections in the macro economy and for thinking about macroeconomic policy tools.
Detailed explanation-3: -The correct answer is all the finished goods and services produced within a country. Gross domestic product (GDP): The total monetary or consumer value of all finished goods and services produced within the boundaries of a country over a particular period of time is the Gross domestic product (GDP).
Detailed explanation-4: -In economic terms, the total market value of all final goods and services produced in a country in a given year is known as Gross Domestic Product (GDP).